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Bonpay (BON*)

Correlation

0.89

Influence

79.21%

Bitcoin and Bonpay Correlation

Does Bonpay depend on Bitcoin? Based on the correlation analysis, BTC and BON* have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.

This coefficient may adjust 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 going in the contrary trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Bonpay connection is positively strong, it means that when BTC is rising BON* will rise as well. The negative strong relation will tell that when BTC is growing BON* value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bonpay. If we take all the aspects affecting the price of BON* as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other factors, such as media, events or regulations.