Dynamic Connectedness of Major Digital Currencies: A Time-Varying Approach

Figure 2

Directional and net connectedness. The top orange line depicts the change in this digital currency’s contribution to other digital currencies. The orange line below shows the change in the connectedness of other digital currencies that this digital currency has received. The black line in the middle shows the change in net connectedness of this digital currency over time. (a) BTC. (b) ETH. (c) BNB. (d) XRP.

(a)

(b)

(c)

(d)