Rolling correlations of daily returns

Data sources and methodology

Only price and exchange volume data is available for Ripple (XRP) currently.

Daily on-chain transaction volume is calculated as the sum of all transaction outputs belonging to the blocks mined on the given day. Known “change” outputs are not included. Estimation difficulties remain and the measure is imprecise. We discuss this here.

‘Transaction count’ doesn’t include coinbase transactions.

Value of Created Coins (VoCC) is the USD value of new coins minted on a given day multiplied by the closing price on the same day.

Inflation is computed by dividing created VoCC by network value (“market cap”) which is equivalent to dividing amount of coins minted on the given day by total coin supply on the same day.

Zcash figures for on-chain volume and transaction count reflect data collected for transparent transactions only. In the last month, 10.5% (11/18/17) of ZEC transactions were shielded, and these are excluded from the analysis due to their private nature. Thus transaction volume figures in reality are higher than the estimate presented here, and NVT and exchange to transaction value lower. Data on shielded and transparent transactions can be found here and here.

Decred data doesn’t include tickets and voting transactions.

Monero transaction volume, NVT and exchange to transaction volume are impossible to calculate due to RingCT technology which hides the amounts sent for every transaction.

Price data

All coins: coinmarketcap.com

On-chain transaction volume data

Bitcoin: blockr.io, blockchain (since August 2017)
Litecoin: blockr.io, blockchain (since August 2017)
Decred: mainnet.decred.org
Dash: cryptoid.info, blockchain (since September 2017)
NEM: chain.nem.ninja
Ethereum: etherchain.org
ZCash: blockchain
Dogecoin: blockchain
Ethereum Classic: blockchain
PIVX: blockchain
Monero: blockchain, moneroexplorer.com (since September 14th, 2017)
Bitcoin Cash: blockchain
Vertcoin: blockchain

LIBOR data

ICE Benchmark Administration Limited (IBA), Overnight London Interbank Offered Rate (LIBOR), based on U.S. Dollar [USDONTD156N], retrieved from FRED, Federal Reserve Bank of St. Louis; fred.stlouisfed.org.