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BioCrypt (BIOC)

Correlation

-0.42

Influence

17.64%

Bitcoin and BioCrypt Correlation

Does BioCrypt depend on Bitcoin? According to the correlation analysis, BTC and BIOC have a strong negative relationship. The correlation coefficient of their prices is -0.42, which was measured based on the previous 100-days' price movements of both coins.

This coefficient may change 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 opposite direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and BioCrypt connection is positively strong, it means that when BTC is growing BIOC will rise as well. The negative strong relation will show that when BTC is rising BIOC price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BioCrypt. If we take all the factors affecting the price of BIOC as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other aspects, such as media, events or regulations.