The paper generates the top 5-coin index and the top 5-token index and treats them as the cryptocurrency price to investigate for three main objectives. First, it has to investigate the short-term dynamic spillover between cryptocurrency and main traditional assets. Second, it has to examine the fundamental characters of both coin and token by long-term relationships with other traditional assets, as well as forecasting price ability. Third, it has to analyze the asset allocation for the portfolio optimization approach by applying the dynamic ...