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CoinBene (CONI)

Correlation

0.68

Influence

46.24%

Bitcoin and CoinBene Correlation

Does CoinBene depend on Bitcoin? According to the correlation analysis, BTC and CONI have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both coins.

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 points that the prices of the assets are moving in the contrary direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and CoinBene connection is positively strong, it means that when BTC is rising CONI will rise as well. The negative strong relation will point that when BTC is rising CONI price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CoinBene. If we take all the circumstances affecting the price of CONI as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, technological releases or crypto related laws.