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Benjacoin (BNC)

Correlation

0.90

Influence

81.00%

Bitcoin and Benjacoin Correlation

Does Benjacoin depend on Bitcoin? Based on the correlation analysis, BTC and BNC have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.

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

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Benjacoin. If we take all the aspects affecting the price of BNC as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other aspects, such as media, events or regulations.