Through a data-driven analysis, namely network analysis, we investigate the relationships between all existing cryptocurrencies. Starting from the analysis of cryptocurrencies in 2013, we extend our study until July 2018 to study the interdependencies between 1636 cryptocurrencies. Our study shows that, although Bitcoin is the older and the most famous cryptocurrency, it does not appear as an influential asset on the virtual currency market. Our analysis also indicates a densification of the interconnections between virtual currencies, indicating that change of a single coin will likely influence many other coins. Interestingly, we also observe that the most influential cryptocurrencies for a year appear not to be influential the following year. Finally, cryptocurrencies tend to change their influence over time suggesting a short-term interdependence between them.

JEL: G11, G12

通过数据驱动的分析，即网络分析，我们研究了所有现有加密货币之间的关系。从2013年对加密货币的分析开始，我们将研究扩展到2018年7月，以研究1636种加密货币之间的相互依赖关系。我们的研究表明，尽管比特币是更古老，最著名的加密货币，但它并未在虚拟货币市场上显示为有影响力的资产。我们的分析还表明，虚拟货币之间的相互联系正处于密集状态，这表明单个硬币的变化可能会影响许多其他硬币。有趣的是，我们还观察到一年中最有影响力的加密货币似乎在来年没有影响。最后，

JEL： G11，G12