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HeelCoin (HEEL)

Correlation

0.91

Influence

82.81%

Bitcoin and HeelCoin Correlation

Does HeelCoin depend on Bitcoin? According to the correlation analysis, BTC and HEEL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both currencies.

This coefficient may vary 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 currencies are going in the opposite direction while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and HeelCoin connection is positively strong, it means that when BTC is rising HEEL will rise as well. The negative strong relation will tell that when BTC is rising HEEL price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over HeelCoin. If we take all the factors affecting the price of HEEL 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 aspects, such as news, events or regulations.