Fig. 4
From: Heterogeneity in the volatility spillover of cryptocurrencies and exchanges
The dynamic comparison of one cryptocurrency’s net directional connectedness in 4 exchanges. Notes: This figure shows the dynamic comparison of NET connectedness for each cryptocurrency in 4 exchanges. The NET index is the moving-window estimation based on Diebold and Yilmaz (2012) in the time domain. The estimation window is set at 180 days (half a year). The positive values indicated that this cryptocurrency in a specific exchange serves as the net transmitter, while the negative values mean that this coin serves as the net receiver