{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,13]],"date-time":"2026-06-13T03:52:18Z","timestamp":1781322738969,"version":"3.54.1"},"reference-count":105,"publisher":"MDPI AG","issue":"12","license":[{"start":{"date-parts":[[2025,12,6]],"date-time":"2025-12-06T00:00:00Z","timestamp":1764979200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Correlations in complex systems are often obscured by nonstationarity, long-range memory, and heavy-tailed fluctuations, which limit the usefulness of traditional covariance-based analyses. To address these challenges, we construct scale- and fluctuation-dependent correlation matrices using the multifractal detrended cross-correlation coefficient \u03c1r that selectively emphasizes fluctuations of different amplitudes. We examine the spectral properties of these detrended correlation matrices and compare them to the spectral properties of the matrices calculated in the same way from synthetic Gaussian and q-Gaussian signals. Our results show that detrending, heavy tails, and the fluctuation-order parameter r jointly produce spectra, which substantially depart from the random case even under the absence of cross-correlations in time series. Applying this framework to one-minute returns of 140 major cryptocurrencies from 2021 to 2024 reveals robust collective modes, including a dominant market factor and several sectoral components whose strength depends on the analyzed scale and fluctuation order. After filtering out the market mode, the empirical eigenvalue bulk aligns closely with the limit of random detrended cross-correlations, enabling clear identification of structurally significant outliers. Overall, the study provides a refined spectral baseline for detrended cross-correlations and offers a promising tool for distinguishing genuine interdependencies from noise in complex, nonstationary, heavy-tailed systems.<\/jats:p>","DOI":"10.3390\/e27121236","type":"journal-article","created":{"date-parts":[[2025,12,8]],"date-time":"2025-12-08T08:21:43Z","timestamp":1765182103000},"page":"1236","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Detrended Cross-Correlations and Their Random Matrix Limit: An Example from the Cryptocurrency Market"],"prefix":"10.3390","volume":"27","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-1613-6175","authenticated-orcid":false,"given":"Stanis\u0142aw","family":"Dro\u017cd\u017c","sequence":"first","affiliation":[{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"},{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0445-220X","authenticated-orcid":false,"given":"Pawe\u0142","family":"Jarosz","sequence":"additional","affiliation":[{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8813-9637","authenticated-orcid":false,"given":"Jaros\u0142aw","family":"Kwapie\u0144","sequence":"additional","affiliation":[{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1480-0810","authenticated-orcid":false,"given":"Maria","family":"Skupie\u0144","sequence":"additional","affiliation":[{"name":"Department of Mathematics, University of the National Education Commission, Podchor\u0105\u017cych 2, 30-084 Krak\u00f3w, Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2131-7440","authenticated-orcid":false,"given":"Marcin","family":"W\u0105torek","sequence":"additional","affiliation":[{"name":"Faculty of Computer Science and Mathematics, Cracow University of Technology, ul. 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