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Coino (CNO)

Correlation

0.83

Influence

68.89%

Bitcoin and Coino Correlation

Does Coino depend on Bitcoin? According to the correlation analysis, BTC and CNO have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was calculated based on the last 100-days' price movements 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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Coino connection is positively strong, it means that when BTC is growing CNO will rise as well. The negative strong relation will tell that when BTC is growing CNO value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Coino. If we take all the things affecting the price of CNO as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other circumstances, such as news, events or politics.