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Hacker Gold (HKG)

Correlation

0.91

Influence

82.81%

Bitcoin and Hacker Gold Correlation

Does Hacker Gold depend on Bitcoin? Based on the correlation analysis, BTC and HKG have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements 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 points that the prices of the assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Hacker Gold connection is positively strong, it means that when BTC is growing HKG will rise as well. The negative strong relation will indicate that when BTC is growing HKG price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Hacker Gold. If we take all the aspects affecting the price of HKG 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 media, technological releases or politics.