Table 3.
Directional spillovers under single normal regime—full sample
| BTC | ETH | XRP | LTC | XMR | XLM | DASH | ETC | XEM | DOGE | DCR | LSK | WAVES | MONA | DGB | STEEM | SC | DGD | From | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BTC | 82.23 | 1.32 | 0.49 | 2.68 | 1.14 | 0.77 | 1.01 | 0.39 | 1.39 | 0.17 | 0.56 | 0.84 | 0.10 | 1.72 | 1.51 | 0.42 | 2.72 | 0.55 | 17.77 |
| ETH | 0.56 | 69.40 | 0.68 | 3.30 | 3.84 | 1.09 | 5.16 | 3.59 | 2.16 | 0.24 | 0.68 | 1.68 | 0.88 | 0.34 | 0.42 | 0.11 | 1.30 | 4.57 | 30.60 |
| XRP | 0.48 | 0.69 | 74.50 | 2.10 | 0.67 | 15.03 | 0.25 | 0.15 | 1.28 | 2.89 | 0.05 | 0.07 | 0.24 | 0.12 | 0.69 | 0.38 | 0.25 | 0.17 | 25.50 |
| LTC | 2.55 | 3.62 | 1.59 | 72.22 | 2.14 | 1.44 | 2.51 | 3.82 | 1.65 | 2.55 | 0.71 | 0.83 | 0.34 | 0.60 | 0.48 | 0.15 | 1.11 | 1.70 | 27.78 |
| XMR | 1.57 | 3.99 | 1.05 | 2.14 | 72.24 | 3.15 | 7.24 | 0.75 | 1.13 | 0.20 | 0.62 | 0.90 | 1.22 | 0.52 | 0.78 | 0.54 | 0.80 | 1.15 | 27.77 |
| XLM | 0.66 | 0.76 | 13.56 | 1.10 | 2.24 | 68.95 | 0.10 | 0.35 | 2.21 | 3.43 | 0.16 | 0.40 | 0.33 | 0.07 | 2.35 | 1.41 | 1.62 | 0.27 | 31.05 |
| DASH | 0.75 | 4.95 | 0.22 | 2.56 | 7.05 | 0.13 | 70.45 | 3.06 | 1.55 | 0.12 | 2.38 | 2.59 | 0.50 | 0.72 | 0.32 | 0.67 | 1.25 | 0.74 | 29.55 |
| ETC | 0.34 | 3.62 | 0.22 | 4.07 | 0.68 | 0.70 | 2.65 | 80.37 | 0.84 | 0.80 | 0.28 | 2.05 | 0.03 | 0.31 | 0.12 | 0.14 | 1.45 | 1.32 | 19.64 |
| XEM | 0.96 | 2.45 | 1.47 | 1.61 | 1.38 | 2.52 | 1.62 | 1.08 | 76.30 | 0.78 | 0.92 | 3.31 | 0.37 | 0.91 | 0.41 | 1.67 | 1.26 | 0.96 | 23.70 |
| DOGE | 0.02 | 0.30 | 2.93 | 2.74 | 0.22 | 4.13 | 0.33 | 0.73 | 0.77 | 77.20 | 0.12 | 0.43 | 0.03 | 0.01 | 3.88 | 0.67 | 5.30 | 0.19 | 22.80 |
| DCR | 0.05 | 0.57 | 0.06 | 0.87 | 0.61 | 0.18 | 3.28 | 0.04 | 1.15 | 0.11 | 85.06 | 1.05 | 0.64 | 0.53 | 1.25 | 1.86 | 2.30 | 0.40 | 14.94 |
| LSK | 0.38 | 1.86 | 0.25 | 0.79 | 1.30 | 0.64 | 2.93 | 2.06 | 2.92 | 0.29 | 0.94 | 76.65 | 2.17 | 1.00 | 0.43 | 1.18 | 2.45 | 1.75 | 23.35 |
| WAVES | 0.10 | 1.02 | 0.07 | 0.60 | 1.16 | 0.51 | 0.44 | 0.07 | 0.42 | 0.07 | 0.70 | 2.48 | 89.02 | 0.01 | 0.82 | 0.76 | 1.31 | 0.44 | 10.98 |
| MONA | 0.34 | 0.51 | 0.13 | 0.76 | 0.59 | 0.10 | 0.96 | 0.42 | 0.98 | 0.05 | 0.46 | 0.94 | 0.02 | 92.56 | 0.09 | 0.32 | 0.36 | 0.41 | 7.44 |
| DGB | 0.70 | 0.11 | 1.78 | 0.41 | 0.22 | 3.13 | 0.10 | 0.09 | 0.32 | 3.23 | 1.61 | 0.49 | 0.67 | 0.16 | 74.30 | 0.71 | 11.72 | 0.25 | 25.70 |
| STEEM | 0.09 | 0.17 | 0.46 | 0.14 | 0.70 | 3.14 | 0.94 | 0.28 | 1.02 | 0.40 | 1.90 | 1.23 | 0.76 | 0.31 | 1.04 | 86.27 | 0.97 | 0.17 | 13.73 |
| SC | 0.59 | 1.26 | 0.13 | 0.56 | 0.59 | 1.72 | 1.15 | 1.04 | 1.16 | 4.71 | 1.47 | 2.20 | 0.72 | 0.59 | 11.36 | 1.02 | 69.13 | 0.59 | 30.87 |
| DGD | 0.50 | 5.42 | 0.22 | 2.10 | 1.30 | 0.31 | 1.03 | 1.39 | 0.83 | 0.01 | 0.43 | 1.83 | 0.27 | 0.49 | 0.12 | 0.12 | 0.57 | 83.07 | 16.93 |
| To | 10.65 | 32.64 | 25.32 | 28.53 | 25.82 | 38.69 | 31.73 | 19.32 | 21.79 | 20.05 | 13.99 | 23.32 | 9.29 | 8.40 | 26.05 | 12.14 | 36.73 | 15.63 | Total |
| Net | − 7.12 | 2.04 | − 0.18 | 0.75 | − 1.94 | 7.64 | 2.19 | − 0.31 | − 1.92 | − 2.75 | − 0.96 | − 0.03 | − 1.69 | 0.97 | 0.34 | − 1.59 | 5.86 | − 1.30 | 22.23 |
This table shows connectedness across the cryptocurrencies computed using the approach of Diebold and Yilmaz (2012). “To” and “From” mean direction spillover to and from other markets to a specific currency. “Net” is the difference between “To” and “From”. A currency is a receiver if “Net” is negative and a transmitter of spillover if “Net” is positive