This paper studies the dynamic network connectedness between cryptocurrency returns and sentiments using the novel cryptocurrency-specific MarketPsych sentiment data for 13 cryptocurrencies with the highest market capitalization. The results indicate the dominance of cryptocurrencies with higher market capitalization and information transmission from cryptocurrency returns to sentiments. Our results also show that Bitcoin is losing its dominance to alt-coins in return spillovers while still dominant in sentiment spillovers.

中文翻译：

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投资者情绪会推动加密货币价格吗？

本文使用具有最高市值的 13 种加密货币的新颖的特定于加密货币的 MarketPsych 情绪数据研究了加密货币回报和情绪之间的动态网络连通性。结果表明，具有较高市值和从加密货币返回到情绪的信息传输的加密货币占主导地位。我们的结果还表明，作为回报溢出，比特币正在失去对山寨币的主导地位，但在情绪溢出方面仍占主导地位。