Case: ​Here we are analysing the historical data of the daily variation in Closing Prices of Bitcoin

,a form of cryptocurrency , over a period of analysis 30 days, from 10/09/201 8 to 9/10/2018.

The analysis will be conducted using the following statistical measures,
on the Closing Price.

1. Mean
2. Median
3. Mode
4. Standard Deviation

Date  Bitcoin Closing Price in USD 

Oct 09, 2018  6,642.64 

Oct 08, 2018  6,652.23 

Oct 07, 2018  6,602.95 

Oct 06, 2018  6,588.31 

Oct 05, 2018  6,622.48 

Oct 04, 2018  6,576.69 

Oct 03, 2018  6,502.59 

Oct 02, 2018  6,556.10 

Oct 01, 2018  6,589.62 

Sep 30, 2018  6,625.56 

Sep 29, 2018  6,601.96 

Sep 28, 2018  6,644.13 

Sep 27, 2018  6,676.75 

Sep 26, 2018  6,495.00 

Sep 25, 2018  6,446.47 

Sep 24, 2018  6,595.41 

Sep 23, 2018  6,710.63 

Sep 22, 2018  6,721.98 

 Sep 21, 2018  6,734.95 

Sep 20, 2018  6,519.67 

Sep 19, 2018  6,398.54 

Sep 18, 2018  6,371.30 

Sep 17, 2018  6,281.20 

Sep 16, 2018  6,517.18 

Sep 15, 2018  6,543.20 

Sep 14, 2018  6,512.71 

Sep 13, 2018  6,517.31 

Sep 12, 2018  6,351.80 

Sep 11, 2018  6,321.20 

Sep 10, 2018  6,329.70 

Analysis:
Firstly, we will have to Group the data.
Using Sturge’s Formula, Number of classes=1 + 3.322(log​10​ n),
where n = number of data items
Thus number of classes(k) = 1+ 3.322*(1.477)
k= 5.9065
k=6

For finding the class interval

Maximum value of stock price is 6734.95$ on 21/09/2018.
Minimum value of stock price is 6321.20$ on 11/09/2018

Class interval=(Max Value-Min Value)/Number of classes.

=(6734.95-6321.20)/6

Rounding it up to 69 to include all the values of the data set and not leave out the outliers.
Thus class interval or class width is 69. Now we formulate the different classes.
Before formulating the different classes and putting up with the frequency distribution, we first
sort the data in ascending order.

6,321.20 
6,321.20 

6,329.70 

6,351.80 

6,371.30 

6,398.54 

6,446.47 

6,495.00 

6,502.59 

6,512.71 

6,517.18 

6,517.31 

6,519.67 

6,543.20 

6,556.10 

6,576.69 

6,588.31 

6,589.62 

6,595.41 

6,601.96 

6,602.95 

6,622.48 

6,625.56 

6,642.64 

6,644.13 

6,652.23 

6,676.75 
 6,710.63 

6,721.98 

6,734.95 

The classes created and their cumulative frequency as well as frequency of occurrence is stated
below.
Class Mid-Term(m Frequency(f) Cumulative Frequency f*m
Interval )
6321.20-639 6355.70 5 5 31778.5
0.20
6390.20-645 6424.70 2 7 12849.4
9.20
6459.20-652 6493.70 6 13 38962.2
8.20
6528.20-659 6559.70 6 19 39358.2
7.20
6597.20-666 6631.70 7 26 46421.90
6.20
6666.20-673 6700.70 4 30 26802.8
5.20

Mean is calculated using the formula, m=(∑(f*m))/n

Thus Mean=196173/30
Or, Mean=6539.1 Dollars
Thus mean of the above data is 6539.1 Dollars.

Answer2.
For Calculating the median, we use the following formula.
Median=l​1​+((l​2​-l​1​)/f)*(m-c),
Where, l​1​ is the lower limit of the class in which the median exists.
l​2 is
​ the upper limit of the class in which the median exists.
m=middle item or(n+1)/2​th ​item where n=total number of data items.
c=cumulative frequency of the class preceding the median class.

Here n=30. Thus (n+1)/2=15.5

Hence the class chosen is the fourth class.
Thus median=6528.20 + ((6597.20-6528.20)/30)*(15-13)
Or, Median= 6532.80 Dollars

Answer3.
The mode is calculated as follows:
Mode= l​1​+ ((f​1​-f​0​ )/((f​1​-f​0​)+(f​1​-f​2​)))*i
Where, l​1​ is the lower limit of the class in which the mode lies
f​1 is
​ the frequency of the class in which the mode lies
f​0 is​ the frequency of the class preceding the modal class
f​2 ​is the frequency of the class succeeding the modal class
i is the class interval or class width

Here the mode class is selected by choosing the class with the highest frequency.
So here this is class 1. Hence f​1​=7, f​0​=6, f​2​=4 and i=69 and l​1​=6597.20

Thus mode=6614.45

Answer4.
The formula for calculating standard deviation is
Standard deviation= Square Root of (∑fm​2​/n-((∑fm)/n))​2​)
Thus we create a new table with the required entries.

Class Mid-Ter Frequen Cumulative f*m m^2 f×(m^2)

Interval m(m) cy(f) Frequency
6321.20 6355.70 5 5 31778.5 40,394,922.5 201974612.5
-6390.2
0
6390.20 6424.70 2 7 12849.4 41,276,770.1 82553540.2
-6459.2
0
6459.20 6493.70 6 13 38962.2 42,168,139.7 253008838.2
-6528.2
0
6528.20 6559.70 6 19 39358.2 43,029,664.1 258177984.6
-6597.2
0
6597.20 6631.70 7 26 46421.90 43,979,444.9 307856114.3
-6666.2
0
6666.20 6700.70 4 30 26802.8 44,899,380.5 179597522
-6735.2
0

Therefore standard deviation= 111.616

Or, (σ)=Square root of 12458.25
Or, (σ)= 111.616

Analysis from the calculated values.

It is seen that the mean and median lies very close to each other. This suggests that ​the central
tendency​ of the data is around the ​mean​ and most values are concentrated around it. The
mode is significantly higher which means the distributions is skewed towards the right. The
relatively high value of standard deviation suggests that data present is dispersed too though
the central tendency is around the mean.
Since the mode, exists we can say that this is a ​unimodal​ distribution and ​not a bi-modal or
ill-modal distribution.

The range defines that the value of stock prices is not so immense across the time span
selected. It can be seen that the

Minimum value is

6,321.20 

Dollars and

Maximum Value is

6,734.95 

Dollars.

It is also seen that the price of the Currency has grown over the period. This also suggests that
there has been a surge in the price caused by rise in demand over the month for the particular
cryptocurrency and has been following a continuous trend of increase in prices which indicates
the increase in its value.