Connectedness between Gold and Cryptocurrencies in COVID-19 Pandemic: A Frequency-Dependent Asymmetric and Causality Analysis

Figure 1

Plots of prices and returns series. Note: the time-varying prices and returns of cryptocurrencies and gold for both the original (signal) and the decomposed series (M1, M2, M3, and MAgg). The decomposed series reveal the investment horizons, where M1 indicates short-term; M2 and M3 depict medium-term, whereas MAgg shows long-term. At the early part of 2020, the price series for most markets trend upwards, after a downward spike. That is, the prices depict rapid increase.

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