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CovenCoin (COV*)

Correlation

0.03

Influence

0.09%

Bitcoin and CovenCoin Correlation

Does CovenCoin depend on Bitcoin? Based on the correlation analysis, BTC and COV* have no or negligible relationship. The correlation coefficient of their prices is 0.03, which was computed based on the previous 100-days' price movements 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 shows that the prices of the assets are going in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and CovenCoin connection is positively strong, it means that when BTC is growing COV* will rise as well. The negative strong relation will tell that when BTC is growing COV* price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CovenCoin. If we take all the aspects affecting the price of COV* as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other circumstances, such as media, events or regulations.