**6. Empirical Results**

To explain the dependence of cryptocurrencies on other markets, we investigate here the connectedness among volatility forecasting errors using Diebold and Yilmaz (2012) and Baruník and Kˇrehlík (2017). We begin by characterizing volatility spill overs over the digital market as represented by BPI and other financial markets (i.e., Forex, stocks and commodities). Subsequently, we will track volatility spill overs within top digital currencies. Lastly, we report TSI in the lower right corner of Table 3.
