Fig. 3
From: Fundamental and speculative components of the cryptocurrency pricing dynamics
Correlation matrices of the datasets. Note: The color gradually changes from dark blue (\(\rho =1\)) through white (\(\rho =0\)) to dark red (\(\rho =-1\)) as the Pearson correlation coefficient \(\rho\) decreases; see the specific range of colors on the right side of the figures. “SDReturns” represents \(r_t/\widehat{\sigma }_t\). Based on \(N=2221\) observations and rounded to two decimal digits