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ExchangeN (EXN)

Correlation

0.91

Influence

82.81%

Bitcoin and ExchangeN Correlation

Does ExchangeN depend on Bitcoin? Based on the correlation analysis, BTC and EXN have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations 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 cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and ExchangeN connection is positively strong, it means that when BTC is growing EXN will rise as well. The negative strong relation will tell that when BTC is growing EXN value will be in contrary decreasing.

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