Bitcoin and BitCOEN Correlation

Does BitCOEN depend on Bitcoin? According to the correlation analysis, BTC and BEN have a moderate positive relationship. The correlation coefficient of their prices is 0.31, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.

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 cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and BitCOEN connection is positively strong, it means that when BTC is growing BEN will grow as well. The negative strong relation will point that when BTC is growing BEN value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitCOEN. If we take all the factors affecting the price of BEN as 100%, then the share of BTC price among these factors will be 9.61%. The other part which is 90.39% covers all the other things, such as news, events or regulations.