This paper examines the existence of contagion effects between cryptocurrency markets (Bitcoin and Ethereum) and commodity markets (gold, silver, Brent and WTI crude oil) during periods of global crises. The aim of the research was to determine the relationships between these asset classes and analyse the transmission of shocks, particularly in crisis conditions such as the COVID-19 pandemic and the war in Ukraine. The empirical analysis was conducted using daily return data from January 2019 to May 2023, employing the DCC MGARCH methodology to estimate dynamic conditional correlations and the Kolmogorov-Smirnov test for contagion. The results show that, despite high volatility, cryptocurrencies mainly act as diversifiers in investor portfolios. During stable periods, mild positive correlations were observed between cryptocurrencies and commodities, while crisis periods saw an increase in these correlations. Oil showed weak correlation with cryptocurrencies, while silver exhibited the strongest correlation among the commodities. No negative correlations were observed between the assets, which excludes the possibility of classifying cryptocurrencies as safe havens for observed commodities. The contagion tests revealed significant differences in the correlation distributions for certain asset pairs. For the Gold – Bitcoin and Gold – Ethereum pairs, no contagion effect was confirmed, but differences in distributions indicated higher volatility of correlations during crisis periods. For the Brent oil – Bitcoin, Silver – Bitcoin, and Silver – Ethereum pairs, contagion was present, as the correlation distributions significantly differed, with the distribution in crisis conditions being stochastically dominant, with the largest difference being recorded in the Silver – Bitcoin pair.