Fry and Cheah (2016) analyze the negative bubbles in BTC and Ripple markets and show evidence of

negative bubble in 2014 onwards in both markets. The results also show a spillover effects from
Ripple to BTC, leading to BTC price fall.

Ciaian et al. (2018), focus on studying price interdependencies between Bitcoin and 16 altcoins both
in the short and long-run.

Their empirical findings indicate that Bitcoin and altcoins are interdependent in the short-run while
the interdependencies between Bitcoin and altcoins in the long-run cannot be proven because
Bitcoin cannot drive up the prices of altcoins in the long-run.

Huynh et al. (2018) asserted that there exist the contagion risks among cryptocurrency markets.

Koutmos (2018) finds that the spillovers are time varying and points to the growing interdependence
among cryptocurrencies, which reflects a higher degree of contagion risk. The author also reveals
the central role played by Bitcoin in the network of return and volatility spillovers.

Yi et al., (2018) pay attention to the relationship between the various cryptocurrencies and provides
static and dynamic analyses of volatility connectedness (including the total connectedness and
directional connectedness) among eight typical cryptocurrencies.

the author found there is an interconnection among cryptocurrencies in terms of returns and
volatilities.

the results also show that major-cap Bitcoin is the non-dominant player in volatility connectedness
in the cryptocurrency market.

Proved that MAID an unnoticeable minor cryptocurrency (low market cap) transmits the largest
volatility shocks in the entire cryptocurrency market.

Ji, Bouri, Lau, and Roubaud (2019) explore the time-varying connectedness in both returns and
volatility among cryptocurrencies. The results show that BTC and Litecoin are a significant source of
return shocks transmission to the other cryptocurrencies. Ripple and Ethereum are top receiver of
return shocks.

The results of volatility spillovers show that BTC is the important transmitter of volatility shocks.
Dash shows a very weak connectedness, indicating its property for hedging.

Corbet et al. (2018) focus on the return and volatility spillovers among three large cryptocurrencies
(Bitcoin, Ripple, and Litecoin), find that Bitcoin returns have a significant impact on the returns of
Ripple and Litecoin

contrary to Koutmos (2018) find that Litecoin and Ripple influence Bitcoin, Furthermore, Ripple and
Litecoin are strongly interconnected through both return and volatility channels.
Toan Luu ,Duc Huynh 2019 find that Ethereum is likely to be the independent coin in this market,
while Bitcoin tends to be the spillover effect recipient (receiver).

Xua , Zhanga , Zhang (2020) investigate the tail-risk dependence among 23 cryptocurrencies and
found that these cryptocurrencies are highly correlated, increases steadily over time,also Bitcoin is
found to be the largest systemic risk receiver, while Ethereum is the largest systemic risk emitter.

Katsiampa (2019) examine the volatility movements and conditional correlations among different
cryptocurrencies .The results show that the current conditional volatility depends to its own past
shocks and previous volatilities.

Corbet , Lucey 2019 found that a cryptocurrency’s own past shocks and volatility significantly affect
its own current conditional variance.

 They find evidence of bi-directional shock transmission effects between Bitcoin and
both Ether and Litecoin, and uni-directional shock spillovers from Ether to
Litecoin.
 They identify bi-directional volatility spillover effects between all the three pairs
( Bitcoin-Ether, Bitcoin-Litecoin, and Ether-Litecoin) and provide evidence that time-
varying conditional correlations exist and are mostly positive.

 Paraskevi Katsiampa 2021

 Both Litecoin and Ether display the highest correlation with Bitcoin while Stellar
Lumen has the highest correlation with Ripple
 On the other hand, Ripple, Stellar Lumen, and Litecoin display the lowest correlation
with Ether while both Bitcoin and Ether have the lowest correlation with Ripple