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BlakeCoin (BLC)

Correlation

0.92

Influence

84.64%

Bitcoin and BlakeCoin Correlation

Does BlakeCoin depend on Bitcoin? According to the correlation analysis, BTC and BLC have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was computed based on the last 100-days' price dynamics 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 indicates that the prices of the assets are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and BlakeCoin connection is positively strong, it means that when BTC is growing BLC will rise as well. The negative strong relation will point that when BTC is growing BLC price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BlakeCoin. If we take all the things affecting the price of BLC as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as news, events or regulations.