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 an equity-market benchmark. We analyze one-minute data (2020--2025) for Bitcoin, Ethereum, XRP, and E-mini S\&P~500 futures using the Complexity--Entropy Causality Plane (CECP) and directed horizontal visibility graphs (DHVG). While conventional stylized facts overlap across the analyzed assets, cryptocurrencies exhibit weaker local ordinal organization and a larger divergence between their high-degree in- and out-visibility distributions relative to matched surrogate baselines under the primary specification. This high-degree separation is strongest at the one-minute scale and weakens under 5- and 10-minute aggregation, while the direction of the underlying asymmetry remains more asset- and preprocessing-dependent. We therefore conclude only that macroscopic similarity can coexist with diagnostic-specific structural differences in the assets and period examined.