Based on the above - described empirical study, during the period of
aggressive downside correction
between 16 December 2017 and 13 February 2018, the volatility of the equally weighted portfolio of five cryptocurrencies (Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin) was 6 % less compared to an equal amount
invested in Bitcoin, versus a decline in volatility down to 10 % over the entire period of analysis.