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BnrtxCoin (BNX)

Correlation

0.91

Influence

82.81%

Bitcoin and BnrtxCoin Correlation

Does BnrtxCoin depend on Bitcoin? According to the correlation analysis, BTC and BNX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations of both assets.

This coefficient may change 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 currencies are going in the reversed trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and BnrtxCoin connection is positively strong, it means that when BTC is rising BNX will rise as well. The negative strong relation will indicate that when BTC is rising BNX price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BnrtxCoin. If we take all the things affecting the price of BNX as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, technological releases or crypto related laws.