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Cerium (XCE)

Correlation

0.91

Influence

82.81%

Bitcoin and Cerium Correlation

Does Cerium depend on Bitcoin? According to the correlation analysis, BTC and XCE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.

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 tells that the prices of the currencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Cerium connection is positively strong, it means that when BTC is rising XCE will grow as well. The negative strong relation will indicate that when BTC is rising XCE price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Cerium. If we take all the things affecting the price of XCE 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 circumstances, such as news, technological releases or crypto related laws.