Are cryptocurrencies homogeneous?

The recent gloomy returns of cryptocurrencies have highlighted that a better understanding of blockchain assets price dynamics is needed. The article contributes to this by investigating if cryptocurrencies returns' are similarly affected by a selection of demand- and supply-side determinants. The analysis goes beyond existing research by simultaneously covering different periods and design choices of cryptocurrencies. The results show that cryptocurrencies are heterogeneous, apart from some similarities in the impact of technical determinants and cybercrime. The cryptocurrency market displays evidence of substitution effects, and design choices related explain the impact of the determinants of return. https://doi.org/10.1111/eufm.12399