⟷  

AvonCoin (ACN)

Correlation

0.75

Influence

56.25%

Bitcoin and AvonCoin Correlation

Does AvonCoin depend on Bitcoin? According to the correlation analysis, BTC and ACN have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was calculated based on the previous 100-days' price dynamics of both currencies.

This coefficient may vary 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 means that the prices of the currencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and AvonCoin connection is positively strong, it means that when BTC is growing ACN will grow as well. The negative strong relation will indicate that when BTC is rising ACN value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over AvonCoin. If we take all the circumstances affecting the price of ACN as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other things, such as media, events or regulations.