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Bikercoins (BIC)

Correlation

0.91

Influence

82.81%

Bitcoin and Bikercoins Correlation

Does Bikercoins depend on Bitcoin? According to the correlation analysis, BTC and BIC 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 fluctuations of both cryptocurrencies.

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 shows that the prices of the coins are going in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Bikercoins connection is positively strong, it means that when BTC is rising BIC will grow as well. The negative strong relation will point that when BTC is growing BIC price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bikercoins. If we take all the circumstances affecting the price of BIC 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 circumstances, such as media, technological releases or crypto related laws.