*4.1. Volatility of Cryptocurrencies*

In this section, the volatility of the cryptocurrency market is observed prior to computing anomaly scores. Figure 1 shows the annualized 30-day rolling standard deviation of the top 15 cryptocurrencies and the value-weighted CCi30 index. Figure 2 shows the historical values of the Crypto Volatility index (CVI), which begins in April of 2019, but the *x*-axis has been scaled to match other figures. Anomaly score outcomes in the following sections were compared with these volatility measures to distinguish the additional value provided by anomaly scores.
