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Blocktix (TIX)

Correlation

0.58

Influence

33.64%

Bitcoin and Blocktix Correlation

Does Blocktix depend on Bitcoin? Based on the correlation analysis, BTC and TIX have a strong positive relationship. The correlation coefficient of their prices is 0.58, which was estimated based on the previous 100-days' price fluctuations of both coins.

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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Blocktix connection is positively strong, it means that when BTC is growing TIX will rise as well. The negative strong relation will tell that when BTC is rising TIX value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Blocktix. If we take all the aspects affecting the price of TIX as 100%, then the share of BTC price among these factors will be 33.64%. The other part which is 66.36% covers all the other factors, such as news, technological releases or crypto related laws.