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Blockonix (BDT)

Correlation

0.43

Influence

18.49%

Bitcoin and Blockonix Correlation

Does Blockonix depend on Bitcoin? According to the correlation analysis, BTC and BDT have a strong positive relationship. The correlation coefficient of their values is 0.43, which was calculated based on the last 100-days' price fluctuations 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 currencies are moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Blockonix connection is positively strong, it means that when BTC is growing BDT will grow as well. The negative strong relation will show that when BTC is growing BDT price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Blockonix. If we take all the aspects affecting the price of BDT as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other things, such as news, technological releases or politics.