Cryptocurrencies - What are factors are they related to?

Determining what are the factors that are related to cryptocurrencies is not easy because most of the evidence suggest that cryptos are independent of other assets, risk factors, and macro-variables. This asset class has a mind of its own. The most exhaustive study shows very little relationship with independent variables that impact other asset classes, see "Risks and Returns of Cryptocurrency"

The table below summarizes the research. Perhaps some of the results are related to the high crypto volatility and will change as the market matures. One year in the life of crypto currencies may match years for other asset classes; nevertheless, there is little evidence supporting the idea that traditional risk factors can explain crypto behavior.