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

Figure 3

Pairwise net connectedness. This figure describes the pairwise net connectedness. (a) ETH-BTC. (b) BNB-BTC. (c) XRP-BTC. (d) BNB-ETH. (e) XRP-ETH. (f) XRP-BNB.

(a)

(b)

(c)

(d)

(e)

(f)