Table 1

Comparative empirical evidence on cryptocurrency–stock market relationships

DimensionDeveloped marketsEmerging markets (general)Egypt (this study)
Dominant InterpretationDiversification/hedging assetMixed: diversification or risk amplifierLiquidity substitution/capital competition
Typical Cryptocurrencies StudiedBitcoin-dominantBitcoin and EthereumBitcoin, Ethereum, Neo (altcoin)
Correlation with Equity MarketsWeak, time-varying, often insignificantInconsistent; positive, negative, or insignificantSignificantly negative (altcoins)
Role of Macroeconomic StressGlobal uncertainty (e.g., crises)Inflation, capital controls, FX pressureCurrency devaluation and sovereign risk
Regulatory EnvironmentGenerally permissive, regulatedPartially regulated, heterogeneousRestrictive/prohibition-based
Investor MotivationPortfolio optimisationSpeculation and partial hedgingInformal hedging and capital preservation
Empirical MethodsDCC-GARCH, VAR, waveletsGARCH, copulas, panel regressionsARIMAX with macro-financial controls
Primary ContributionTests MPT assumptionsHighlights volatility spilloversIdentifies altcoin-driven substitution mechanism
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