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42 Coin (42)

Correlation

0.80

Influence

64.00%

Bitcoin and 42 Coin Correlation

Does 42 Coin depend on Bitcoin? Based on the correlation analysis, BTC and 42 have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was estimated based on the last 100-days' price dynamics of both coins.

This coefficient may adjust from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient tells that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and 42 Coin connection is positively strong, it means that when BTC is rising 42 will rise as well. The negative strong relation will indicate that when BTC is growing 42 value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over 42 Coin. If we take all the aspects affecting the price of 42 as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other circumstances, such as media, technological releases or politics.