BitcoinPlus (XBC)





Bitcoin and BitcoinPlus Correlation

Does BitcoinPlus depend on Bitcoin? Based on the correlation analysis, BTC and XBC have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was measured based on the previous 100-days' price fluctuations of both currencies.

This coefficient may range 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 reversed direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and BitcoinPlus connection is positively strong, it means that when BTC is rising XBC will grow as well. The negative strong relation will show that when BTC is rising XBC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BitcoinPlus. If we take all the aspects affecting the price of XBC as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other circumstances, such as media, events or regulations.