Table 11 Co-explosive analysis with control variables

BTC_t−1

0.087^a (0.002)

−0.067^b (0.019)

0.014 (0.700)

0.023 (0.393)

0.102^a (0.002)

−0.019 (0.519)

0.158^a (0.000)

−0.012 (0.670)

ETH_t−1

0.213^a (0.000)

0.055 (0.207)

0.043 (0.325)

0.034 (0.135)

−0.029 (0.355)

−0.043 (0.284)

−0.203^a (0.000)

0.032 (0.315)

XRP_t−1

−0.052 (0.534)

0.174^a (0.000)

−0.053 (0.596)

0.157^a (0.000)

0.059 (0.120)

ADA_t−1

−0.031 (0.443)

0.014 (0.574)

−0.037 (0.353)

−0.040 (0.118)

−0.059^b (0.025)

0.034 (0.411)

−0.067^c (0.083)

0.070^a (0.003)

DOGE_t−1

0.053 (0.315)

0.047^c (0.078)

−0.040 (0.354)

−0.053 (0.253)

0.121^a (0.002)

−0.032 (0.488)

0.004 (0.951)

0.034 (0.147)

LTC_t−1

0.235 (0.315)

0.082^b (0.015)

0.140^a (0.000)

0.098 (0.167)

0.099^a (0.000)

0.146^b (0.021)

0.202^b (0.010)

0.011 (0.784)

LINK_t−1

−0.029 (0.575)

0.231^a (0.000)

0.087^a (0.002)

VET_t−1

−0.068 (0.111)

−0.005 (0.910)

0.053 (0.113)

0.048 (0.227)

−0.101^b (0.012)

0.043^c (0.075)

0.048 (0.296)

0.013 (0.811)

−0.016 (0.688)

XLM_t−1

−0.212 (0.247)

−0.273^a (0.000)

−0.053 (0.180)

−0.074 (0.463)

−0.177^a (0.002)

−0.078 (0.121)

THETA_t−1

0.106^a (0.000)

−0.077 (0.567)

−0.060^b (0.031)

0.024 (0.256)

−0.017 (0.420)

0.015 (0.584)

−0.012 (0.614)

0.016 (0.510)

TRX_t-1

0.116^b (0.019)

−0.023 (0.567)

0.041 (0.276)

0.261^a (0.000)

0.063^b (0.025)

−0.041 (0.211)

0.036 (0.491)

0.006 (0.919)

0.191^a (0.001)

Lagged return_t−1

0.100 (0.151)

0.020 (0.344)

0.004 (0.518)

−0.007 (0.680)

0.002 (0.747)

0.013 (0.599)

0.058^b (0.033)

0.009 (0.510)

0.050^a (0.005)

0.003 (0.830)

Volume_t−1

−0.114 (0.226)

0.343^a (0.001)

0.135^a (0.002)

0.218^a (0.000)

0.081^a (0.000)

−0.173^b (0.011)

0.156^a (0.000)

0.041 (0.431)

0.281^a (0.000)

0.003 (0.939)

Google Trend_t−1

0.173^a (0.000)

0.018 (0.243)

0.001 (0.932)

0.016 (0.267)

−0.012 (0.538)

0.052^a (0.003)

0.037^a (0.000)

0.086^a (0.000)

0.068^b (0.026)

0.053^a (0.001)

Market return_t−1

−0.045 (0.194)

0.013 (0.346)

−0.002 (0.641)

0.010 (0.562)

0.014^c (0.087)

−0.007 (0.633)

−0.035 (0.133)

0.001 (0.969)

0.000 (0.997)

0.003 (0.849)

Volatility_t−1

−0.029 (0.387)

−0.045^a (0.001)

−0.006 (0.430)

0.027 (0.175)

0.012 (0.145)

0.028^b (0.038)

−0.019 (0.423)

0.003 (0.810)

0.008 (0.632)

0.023^a (0.008)

R-squared

0.401

0.609

0.504

0.506

0.668

0.537

0.256

0.286

0.423

0.433