{"id":"https://openalex.org/W7128499464","doi":"https://doi.org/10.1186/s40854-025-00898-2","title":"How do cryptocurrencies connect? Insights from conventional cryptocurrencies, DeFi, NFTs, and gold-backed cryptocurrencies","display_name":"How do cryptocurrencies connect? Insights from conventional cryptocurrencies, DeFi, NFTs, and gold-backed cryptocurrencies","publication_year":2026,"publication_date":"2026-02-11","ids":{"openalex":"https://openalex.org/W7128499464","doi":"https://doi.org/10.1186/s40854-025-00898-2"},"language":"en","primary_location":{"id":"doi:10.1186/s40854-025-00898-2","doi":"https://doi.org/10.1186/s40854-025-00898-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-025-00898-2","pdf_url":"https://link.springer.com/content/pdf/10.1186/s40854-025-00898-2.pdf","source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://link.springer.com/content/pdf/10.1186/s40854-025-00898-2.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045932070","display_name":"Nourhaine Nefzi","orcid":"https://orcid.org/0000-0003-3524-928X","observed_orcids":["https://orcid.org/0000-0003-3524-928X"]},"institutions":[{"id":"https://openalex.org/I3131031036","display_name":"Mediterranean School of Business","ror":"https://ror.org/02fyv5292","country_code":"TN","type":"education","lineage":["https://openalex.org/I3131031036"]},{"id":"https://openalex.org/I4405273500","display_name":"South Mediterranean University","ror":"https://ror.org/05x7s6790","country_code":"TN","type":"education","lineage":["https://openalex.org/I4405273500"]}],"countries":["TN"],"is_corresponding":true,"raw_author_name":"Nourhaine Nefzi","raw_affiliation_strings":["MSB, South Mediterranean University, Tunis, Tunisia"],"raw_orcid":"https://orcid.org/0000-0003-3524-928X","affiliations":[{"raw_affiliation_string":"MSB, South Mediterranean University, Tunis, Tunisia","institution_ids":["https://openalex.org/I3131031036","https://openalex.org/I4405273500"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5119061272","display_name":"Abir MELKI","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I3131031036","display_name":"Mediterranean School of Business","ror":"https://ror.org/02fyv5292","country_code":"TN","type":"education","lineage":["https://openalex.org/I3131031036"]},{"id":"https://openalex.org/I4405273500","display_name":"South Mediterranean University","ror":"https://ror.org/05x7s6790","country_code":"TN","type":"education","lineage":["https://openalex.org/I4405273500"]}],"countries":["TN"],"is_corresponding":false,"raw_author_name":"Abir Melki","raw_affiliation_strings":["MSB, South Mediterranean University, Tunis, Tunisia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"MSB, South Mediterranean University, Tunis, Tunisia","institution_ids":["https://openalex.org/I3131031036","https://openalex.org/I4405273500"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5058146375","display_name":"Sahar Loukil","orcid":"https://orcid.org/0000-0003-3486-4205","observed_orcids":["https://orcid.org/0000-0003-3486-4205"]},"institutions":[{"id":"https://openalex.org/I142899784","display_name":"University of Sfax","ror":"https://ror.org/04d4sd432","country_code":"TN","type":"education","lineage":["https://openalex.org/I142899784"]},{"id":"https://openalex.org/I4405255911","display_name":"Faculty of Economics and Management of Sfax","ror":"https://ror.org/03jd7xe26","country_code":"TN","type":"education","lineage":["https://openalex.org/I142899784","https://openalex.org/I4405255911"]}],"countries":["TN"],"is_corresponding":false,"raw_author_name":"Sahar Loukil","raw_affiliation_strings":["LARTIGE, FSEG, University of Sfax, Sfax, Tunisia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"LARTIGE, FSEG, University of Sfax, Sfax, Tunisia","institution_ids":["https://openalex.org/I142899784","https://openalex.org/I4405255911"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5019071217","display_name":"Ahmed Jeribi","orcid":"https://orcid.org/0000-0003-3029-1585","observed_orcids":["https://orcid.org/0000-0003-3029-1585"]},"institutions":[{"id":"https://openalex.org/I166928557","display_name":"University of Monastir","ror":"https://ror.org/00nhtcg76","country_code":"TN","type":"education","lineage":["https://openalex.org/I166928557"]}],"countries":["TN"],"is_corresponding":false,"raw_author_name":"Ahmed Jeribi","raw_affiliation_strings":["Faculty of Economics and Management of Mahdia, University of Monastir, Mahdia, Tunisia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics and Management of Mahdia, University of Monastir, Mahdia, Tunisia","institution_ids":["https://openalex.org/I166928557"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5045932070"],"corresponding_institution_ids":["https://openalex.org/I3131031036","https://openalex.org/I4405273500"],"apc_list":{"value":0,"currency":"USD","value_usd":0},"apc_paid":null,"fwci":14.8396,"has_fulltext":true,"cited_by_count":4,"citation_normalized_percentile":{"value":0.98451516,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":98},"biblio":{"volume":"12","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.5644999742507935,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.5644999742507935,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.40939998626708984,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.0052999998442828655,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency-market","display_name":"cryptocurrency market","score":0.6859999895095825},{"id":"https://openalex.org/keywords/dynamic-connectedness","display_name":"dynamic connectivity","score":0.9890000224113464},{"id":"https://openalex.org/keywords/risk-transmission","display_name":"risk transmission","score":0.8880000114440918},{"id":"https://openalex.org/keywords/decentralized-finance","display_name":"decentralized finance","score":0.7450000047683716},{"id":"https://openalex.org/keywords/non-fungible-tokens","display_name":"non-fungible tokens","score":0.906000018119812},{"id":"https://openalex.org/keywords/bitcoin","display_name":"Bitcoin","score":0.718999981880188},{"id":"https://openalex.org/keywords/ethereum","display_name":"Ethereum","score":0.996999979019165},{"id":"https://openalex.org/keywords/safe-haven-properties","display_name":"safe-haven properties","score":0.843999981880188},{"id":"https://openalex.org/keywords/diversification","display_name":"diversification","score":0.746999979019165}],"concepts":[{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.9708999991416931},{"id":"https://openalex.org/C201943243","wikidata":"https://www.wikidata.org/wiki/Q7551008","display_name":"Social connectedness","level":2,"score":0.699999988079071},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.5813999772071838},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5396999716758728},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5285999774932861},{"id":"https://openalex.org/C2992712416","wikidata":"https://www.wikidata.org/wiki/Q7398532","display_name":"Safe haven","level":2,"score":0.4936999976634979},{"id":"https://openalex.org/C2780598303","wikidata":"https://www.wikidata.org/wiki/Q65921492","display_name":"Flexibility (engineering)","level":2,"score":0.46369999647140503},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.4431999921798706},{"id":"https://openalex.org/C70771513","wikidata":"https://www.wikidata.org/wiki/Q235779","display_name":"Hedge","level":2,"score":0.39419999718666077},{"id":"https://openalex.org/C159877910","wikidata":"https://www.wikidata.org/wiki/Q2202883","display_name":"Autoregressive model","level":2,"score":0.39259999990463257},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.33149999380111694},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.3303999900817871},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.30480000376701355},{"id":"https://openalex.org/C127162648","wikidata":"https://www.wikidata.org/wiki/Q16858953","display_name":"Channel (broadcasting)","level":2,"score":0.2980000078678131},{"id":"https://openalex.org/C761482","wikidata":"https://www.wikidata.org/wiki/Q118093","display_name":"Transmission (telecommunications)","level":2,"score":0.2766999900341034},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2754000127315521},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.2678000032901764},{"id":"https://openalex.org/C2777052490","wikidata":"https://www.wikidata.org/wiki/Q5072826","display_name":"Chaotic","level":2,"score":0.2565999925136566},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.25380000472068787}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1186/s40854-025-00898-2","doi":"https://doi.org/10.1186/s40854-025-00898-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-025-00898-2","pdf_url":"https://link.springer.com/content/pdf/10.1186/s40854-025-00898-2.pdf","source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:1ef74a32b3ba4669a6e9f3007b91cd44","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/1ef74a32b3ba4669a6e9f3007b91cd44","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Financial Innovation, Vol 12, Iss 1 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1186/s40854-025-00898-2","doi":"https://doi.org/10.1186/s40854-025-00898-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-025-00898-2","pdf_url":"https://link.springer.com/content/pdf/10.1186/s40854-025-00898-2.pdf","source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7128499464.pdf","grobid_xml":"https://content.openalex.org/works/W7128499464.grobid-xml"},"referenced_works_count":70,"referenced_works":["https://openalex.org/W1969610664","https://openalex.org/W2039734130","https://openalex.org/W2039906523","https://openalex.org/W2050815921","https://openalex.org/W2079615115","https://openalex.org/W2149292156","https://openalex.org/W2561950352","https://openalex.org/W2909224574","https://openalex.org/W2913024436","https://openalex.org/W2913555449","https://openalex.org/W2955584962","https://openalex.org/W3004532103","https://openalex.org/W3020982786","https://openalex.org/W3031326022","https://openalex.org/W3097773841","https://openalex.org/W3122186884","https://openalex.org/W3125361290","https://openalex.org/W3126857937","https://openalex.org/W3129067399","https://openalex.org/W3153035093","https://openalex.org/W3158449880","https://openalex.org/W3159199231","https://openalex.org/W3159427954","https://openalex.org/W3179221034","https://openalex.org/W3193571031","https://openalex.org/W3195807524","https://openalex.org/W3208066366","https://openalex.org/W3210109889","https://openalex.org/W4205731913","https://openalex.org/W4207056440","https://openalex.org/W4210404112","https://openalex.org/W4210982436","https://openalex.org/W4211197812","https://openalex.org/W4214551749","https://openalex.org/W4220790190","https://openalex.org/W4224280336","https://openalex.org/W4226001434","https://openalex.org/W4281260307","https://openalex.org/W4281657834","https://openalex.org/W4283719430","https://openalex.org/W4286566962","https://openalex.org/W4295735881","https://openalex.org/W4300962872","https://openalex.org/W4302008327","https://openalex.org/W4307893842","https://openalex.org/W4307955165","https://openalex.org/W4308345589","https://openalex.org/W4308782163","https://openalex.org/W4311601254","https://openalex.org/W4312326300","https://openalex.org/W4317745733","https://openalex.org/W4319659194","https://openalex.org/W4327702844","https://openalex.org/W4362452273","https://openalex.org/W4362468166","https://openalex.org/W4368617744","https://openalex.org/W4377823432","https://openalex.org/W4380742650","https://openalex.org/W4385376375","https://openalex.org/W4385724460","https://openalex.org/W4385755893","https://openalex.org/W4386226850","https://openalex.org/W4386514590","https://openalex.org/W4386694015","https://openalex.org/W4387369721","https://openalex.org/W4389579955","https://openalex.org/W4390586981","https://openalex.org/W4391127135","https://openalex.org/W4392535855","https://openalex.org/W4393210567"],"related_works":["https://openalex.org/W7117486307","https://openalex.org/W4393904273","https://openalex.org/W7212228124","https://openalex.org/W2913555449","https://openalex.org/W7155099370","https://openalex.org/W7126195310","https://openalex.org/W4416716754","https://openalex.org/W4396743803","https://openalex.org/W4405964496","https://openalex.org/W7126155651"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"investigates":[3],"the":[4,8,40,50,59,106,117,144,159,165,176,184,188,193],"dynamic":[5,118,185],"connectedness":[6,119,186],"within":[7,175],"cryptocurrency":[9,189],"market":[10,138],"by":[11],"analyzing":[12],"four":[13],"distinct":[14],"cryptomarket":[15],"blocks:":[16],"Bitcoin":[17],"and":[18,24,29,33,35,81,91,98,108,126,150,167],"Ethereum":[19],"(conventional":[20],"cryptocurrencies);":[21,27],"PAXG,":[22],"DGX,":[23],"GLC":[25],"(gold-backed":[26],"LINK":[28],"MNK":[30],"(decentralized":[31],"finance);":[32],"THETA":[34],"MANA":[36,151],"(nonfungible":[37],"tokens).":[38],"Using":[39],"time-varying":[41],"parameter":[42],"quantile":[43],"vector":[44],"autoregressive":[45],"(TVP-Quantile":[46],"VAR)":[47],"model":[48],"for":[49],"period":[51],"2019\u20132023,":[52],"our":[53,101,179],"analysis":[54],"reveals":[55],"significant":[56],"insights":[57],"into":[58],"risk":[60],"transmission":[61],"dynamics":[62],"among":[63],"cryptocurrencies.":[64],"Both":[65],"conventional":[66],"cryptocurrencies":[67,134,174],"exhibit":[68],"a":[69,87,92],"consistent":[70],"net":[71,88,93],"transmitter":[72,90],"effect":[73],"in":[74],"extreme":[75],"periods,":[76],"whereas":[77],"decentralized":[78],"finance":[79],"(DeFi)":[80],"nonfungible":[82],"tokens":[83],"(NFTs)":[84],"shift":[85],"between":[86],"shock":[89,94],"receiver":[95],"over":[96],"time":[97],"quantiles.":[99],"Moreover,":[100],"results":[102],"shed":[103],"light":[104],"on":[105,124],"hedging":[107,125],"safe":[109,127,168],"haven":[110,128,169],"properties":[111,170],"of":[112,146,171,187],"these":[113,133,198],"assets.":[114,200],"By":[115],"linking":[116],"findings":[120,180],"with":[121],"established":[122],"literature":[123],"functions,":[129],"we":[130,141],"elucidate":[131],"how":[132],"perform":[135],"under":[136],"varying":[137],"conditions.":[139],"Specifically,":[140],"report":[142],"that":[143],"role":[145],"LINK,":[147],"MNK,":[148],"THETA,":[149],"as":[152],"reliable":[153],"safe-haven":[154],"assets":[155],"is":[156],"contingent":[157],"upon":[158],"observed":[160],"period.":[161],"We":[162],"also":[163],"observe":[164],"hedge":[166],"selected":[172],"gold-backed":[173],"network.":[177],"Overall,":[178],"suggest":[181],"that,":[182],"despite":[183],"market,":[190],"investors":[191],"have":[192],"flexibility":[194],"to":[195],"diversify":[196],"across":[197],"digital":[199]},"counts_by_year":[{"year":2026,"cited_by_count":4}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2026-02-11T00:00:00"}