This study explores the dynamic relationships between three popular cryptocurrencies—Bitcoin, Ripple, and Litecoin—and a variety of other financial assets. Using time and frequency domain analyses, the researchers find that cryptocurrencies are relatively isolated from traditional financial and economic assets. The results suggest that cryptocurrencies may offer diversification benefits for investors with short investment horizons, as the time variation in linkages reflects external economic and financial shocks. The study employs two methodologies: the Diebold and Yilmaz [2012] approach to measure spillovers and the Barunik and Krehlik [2015] method to estimate connectedness in the time-frequency domain. The findings show that cryptocurrencies are relatively isolated from market shocks and decoupled from popular financial assets. The analysis reveals that Bitcoin is the dominant cryptocurrency in terms of price spillovers, while Ripple and Litecoin are strongly interconnected. The results indicate that cryptocurrencies have limited spillover effects on other financial markets, suggesting that they are not significantly influenced by general financial market conditions. However, they do influence each other, particularly in terms of volatility. The study also finds that the volatility of cryptocurrencies is significantly higher than that of other assets, and that volatility spillovers are highly time-dependent and unstable. The analysis of pairwise spillovers shows that Bitcoin has a significant impact on other assets, such as the SP500, VIX, and FX markets, but these effects vary over time. For example, Bitcoin's price surge before the Brexit vote in 2016 and the Bitcoin flash crash in 2015 had significant volatility spillovers to other markets. The study concludes that cryptocurrencies are a new investment asset class, with unique characteristics that make them distinct from traditional financial assets. However, they also contain idiosyncratic risks that are difficult to hedge against. Further research is needed to understand the behavior of cryptocurrencies with respect to monetary policy and regulatory arbitrage.This study explores the dynamic relationships between three popular cryptocurrencies—Bitcoin, Ripple, and Litecoin—and a variety of other financial assets. Using time and frequency domain analyses, the researchers find that cryptocurrencies are relatively isolated from traditional financial and economic assets. The results suggest that cryptocurrencies may offer diversification benefits for investors with short investment horizons, as the time variation in linkages reflects external economic and financial shocks. The study employs two methodologies: the Diebold and Yilmaz [2012] approach to measure spillovers and the Barunik and Krehlik [2015] method to estimate connectedness in the time-frequency domain. The findings show that cryptocurrencies are relatively isolated from market shocks and decoupled from popular financial assets. The analysis reveals that Bitcoin is the dominant cryptocurrency in terms of price spillovers, while Ripple and Litecoin are strongly interconnected. The results indicate that cryptocurrencies have limited spillover effects on other financial markets, suggesting that they are not significantly influenced by general financial market conditions. However, they do influence each other, particularly in terms of volatility. The study also finds that the volatility of cryptocurrencies is significantly higher than that of other assets, and that volatility spillovers are highly time-dependent and unstable. The analysis of pairwise spillovers shows that Bitcoin has a significant impact on other assets, such as the SP500, VIX, and FX markets, but these effects vary over time. For example, Bitcoin's price surge before the Brexit vote in 2016 and the Bitcoin flash crash in 2015 had significant volatility spillovers to other markets. The study concludes that cryptocurrencies are a new investment asset class, with unique characteristics that make them distinct from traditional financial assets. However, they also contain idiosyncratic risks that are difficult to hedge against. Further research is needed to understand the behavior of cryptocurrencies with respect to monetary policy and regulatory arbitrage.