⟷  

Hacken (HKN)

Correlation

0.61

Influence

37.21%

Bitcoin and Hacken Correlation

Does Hacken depend on Bitcoin? Based on the correlation analysis, BTC and HKN have a strong positive relationship. The correlation coefficient of their values is 0.61, which was computed based on the last 100-days' price dynamics of both coins.

This coefficient may range 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 indicates that the prices of the assets are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and Hacken connection is positively strong, it means that when BTC is growing HKN will grow as well. The negative strong relation will point that when BTC is growing HKN price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Hacken. If we take all the things affecting the price of HKN as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other things, such as media, technological releases or politics.