Data Availability: All data are available from figshare: https://figshare.com/articles/Wavelet_coherence_cryptocurrency_online_indicator_data_set/5765352.
We’ll go through the several factors that influence demand for a particular crypto, but before we do that, it’s important to note that cryptocurrencies don’t fit comfortably into our existing asset categories.

Despite the massive swing in value on the Binance US exchange, Bitcoin’s value on other exchanges remained stable. There has been speculation on the exact cause of the spike, though Binance offered a short statement to Bloomberg explaining that one of its institutional traders was responsible.
It can be seen from Fig 6 that coherence in the short run is erratic throughout the time interval analysed, and that there is little appreciable difference between the bubble and non-bubble regimes. However in the medium term (8–16 and 16–32 days), coherence generally peaks around areas where bubbles have been identified in the price series. The longer term relationship, though, is less dependent on whether the price is in a bubble phase.