Bitcoin remains the most popular cryptocurrency and has attracted significant research attention, especially in the hedging and safe-haven literature. As many investors in bitcoin are concentrated heavily in cryptocurrencies as opposed to other assets, a question arises whether alternative cryptocurrencies (altcoins) can used as safe-havens and hedges against Bitcoin? We find that only meme coins offer hedging benefits but a wider range – Defi, meme coins, smart contracts, metaverse and privacy cryptocurrencies – can all act as safe-havens against bitcoin. We further show that their ability to act as hedges and safe-havens varies depending on whether the market is in a bubble or non-bubble period.

比特币仍然是最受欢迎的加密货币，并引起了广泛的研究关注，尤其是在对冲和避险文献中。由于比特币的许多投资者主要集中在加密货币而不是其他资产，因此出现了一个问题，即替代加密货币（山寨币）是否可以用作比特币的避风港和对冲？我们发现只有模因币提供对冲收益，但范围更广——Defi、模因币、智能合约、元宇宙和隐私加密货币——都可以作为比特币的避风港。我们进一步表明，它们充当对冲和避风港的能力因市场处于泡沫时期还是非泡沫时期而异。