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Hellenic Coin (HNC)

Correlation

0.76

Influence

57.76%

Bitcoin and Hellenic Coin Correlation

Does Hellenic Coin depend on Bitcoin? Based on the correlation analysis, BTC and HNC have a very strong positive relationship. The correlation coefficient of their values is 0.76, which was computed based on the previous 100-days' price movements of both coins.

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 points that the prices of the assets are going in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Hellenic Coin connection is positively strong, it means that when BTC is rising HNC will grow as well. The negative strong relation will tell that when BTC is growing HNC price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Hellenic Coin. If we take all the things affecting the price of HNC as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other things, such as media, events or politics.