Figure 5

Returns correlation of connected cryptocurrency pairs. A: Average correlation between the return time series of a pair of cryptocurrencies, against their network distance. The results are shown for the real network (“True network”, blue circles) and three random network models: the “Configuration Model” (red circles), the “Block Model” (green circles), and the “Erdős-Rényi” model (yellow circles). To help interpretation, all correlations for a given Network Distance d were rescaled dividing them by the average correlation obtained for the “True Network” at that distance d. B: Average correlation ( \(C_{\mathbf{A}}\)) for cryptocurrencies connected in the co-investment network (blue bars) and in random benchmarks (red - configuration model, green - stochastic block model, orange - Erdős-Rényi). For each network, the bottom bar shows the adjusted correlation obtained after removing the market component (\(C'_{\mathbf{A}}\), see Methods). Correlation values were rescaled between \([0,1 ]\) for visual clarity (independently for the values of C and \(C'\))