Software Ecosystem Health of Cryptocurrencies

Background: Cryptocurrencies are highly valued without understanding the health of the underlying ecosystems. Previous work shows factors which determinate the exchange rate. However, the technological determinants show decreasing significance. Objective: This paper explores whether the Open-source Software Ecosystem Health Operationalization (OSEHO) framework can be used to extend the given technology factors. Method: By conducting the OSEHO in a case-study on three distinct cryptocurrency ecosystems, this paper gives a better insight in the ecosystem's value, longevity and propensity for growth and the relation of these factors to the cryptocurrency value. Results: The 'healthiest' cryptocurrency ecosystem also shows the highest economic health. Two metrics from the OSEHO show strong positive significant correlation with the exchange rate. Conclusion: Metrics from the OSEHO show promising indications to be technological determinants for the exchange rate. This research can be used as a foundation for further econometric tests or research on other aspects of cryptocurrencies.