Balkancoin (BKC)





Bitcoin and Balkancoin Correlation

Does Balkancoin depend on Bitcoin? According to the correlation analysis, BTC and BKC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both coins.

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 coins are going in the contrary direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Balkancoin connection is positively strong, it means that when BTC is rising BKC will grow as well. The negative strong relation will tell that when BTC is growing BKC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Balkancoin. If we take all the things affecting the price of BKC as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, technological releases or regulations.