Cryptocurrency

α

β

γ

δ

ARCH-LM

Bitcoin

0.2511**

0.4730

0.8492**

0.9721**

0.2035

(0.0000)

0.4385

(0.0000)

(0.0000)

(0.6519)

Litecoin

0.4738**

0.3868

0.8580**

1.0137**

0.0732

(0.0152)

(0.1632)

(0.0000)

(0.0000)

(0.7867)

Ripple

0.5245**

0.2851

0.6882**

0.8900**

0.0531

(0.0000)

(0.1654)

(0.0000)

(0.0000)

(0.8177)