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BitcoinX (BCX*)

Correlation

0.86

Influence

73.96%

Bitcoin and BitcoinX Correlation

Does BitcoinX depend on Bitcoin? Based on the correlation analysis, BTC and BCX* have a very strong positive relationship. The correlation coefficient of their values is 0.86, which was computed based on the previous 100-days' price dynamics 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 tells that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and BitcoinX connection is positively strong, it means that when BTC is rising BCX* will rise as well. The negative strong relation will indicate that when BTC is growing BCX* value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BitcoinX. If we take all the aspects affecting the price of BCX* as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other aspects, such as media, events or politics.