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. 2021 May 16;45:102137. doi: 10.1016/j.frl.2021.102137

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© 2021 The Authors. Published by Elsevier Inc.

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Fig. 2 — Conditional correlation between price changes and volume changes. Note: The first black vertical line refers to the date November 16, 2019. The second black vertical line refers to the date December 30, 2019. I, the first quarter; II, the second quarter; III, the third quarter; IV, the fourth quarter. For brevity, only the twelve largest cryptocurrencies by market capitalisation are presented. Further results are available from the authors upon request.