Jaesung Kim | Searcharxiv

arXiv2026

Universality and Heterogeneity of Stylized Facts in Cryptocurrency and Equity Markets

This study investigates whether the macroscopic statistical maturity of cryptocurrencies implies dynamical equivalence with traditional equity markets. We analyze high-frequency data (2020--2025) using the Complexity--Entropy Causality Plane (CECP) and directed horizontal visibility graphs (directed HVG) to uncover complex temporal patterns and time-directed structures in the return series. While conventional stylized facts show striking convergence across all assets, structural diagnostics reveal a compelling paradox: cryptocurrencies appear more locally random than the equity benchmark during ordinary periods, yet exhibit significantly stronger directional time-irreversibility around high-visibility return events. The absolute-return results show that large cryptocurrency fluctuations tend to begin abruptly and remain elevated afterward. Separate analyses of positive returns and negative-return magnitudes show that this pattern is shared across cryptocurrencies on the upside but varies across assets on the downside. We conclude that statistical maturity is only skin-deep; the underlying dynamical processes of mature cryptocurrencies remain fundamentally distinct from traditional benchmarks.

physics.soc-ph↗

arXiv2024

Analysis of the near-side ridge structure in pp collisions via Momentum-Kick Model

The near-side ridge structure has been observed in the long-range two-particle correlations in heavy-ion collisions, such as AuAu collisions at the Relativistic Heavy Ion Collider(RHIC) and PbPb collisions at the Large Hadron Collider (LHC). Hydrodynamic models have successfully explained the ridge structure in heavy-ion collisions, indicating the presence of Quark-Gluon Plasma (QGP). Interestingly, similar ridge structures have been detected in high-multiplicity proton-proton and proton-lead collisions, which are classified as small systems in the LHC experiments. Because small systems have been considered insufficient to generate QGP, the applicability of theories developed for heavy-ion collisions to small systems remains controversial. Assuming that kinematic effects play a more significant role in small systems, we expect that the Momentum-Kick Model (MKM) can provide a satisfactory explanation. This model elucidates the long-range and near-side ridge structure in dihadron $\Delta\eta-\Delta\phi$ correlation by explaining that jet particles kick and rearrange medium partons along the direction of the jets. In this study, we apply the MKM to explain high-multiplicity proton-proton collisions at both 13 TeV and 7 TeV in the LHC over various ranges of momenta. Furthermore, we introduce multiplicity dependence in the model to account for the 13 TeV data at various multiplicity ranges. We conclude that the MKM effectively explains the near-side ridge structure observed in proton-proton collisions. The LHC has entered Run 3, achieving higher center-of-mass energies and better luminosity than Run 2. We offer $\Delta\phi$ correlation predictions for pp collisions at 14 TeV and suggest possible extensions of the MKM for future studies.

hep-ph↗