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HexxCoin (HXX)

Correlation

0.50

Influence

25.00%

Bitcoin and HexxCoin Correlation

Does HexxCoin depend on Bitcoin? Based on the correlation analysis, BTC and HXX have a strong positive relationship. The correlation coefficient of their values is 0.50, which was estimated based on the last 100-days' price movements of both currencies.

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 tells that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and HexxCoin connection is positively strong, it means that when BTC is rising HXX will grow as well. The negative strong relation will show that when BTC is rising HXX value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over HexxCoin. If we take all the circumstances affecting the price of HXX as 100%, then the share of BTC price among these factors will be 25.00%. The other part which is 75.00% covers all the other factors, such as media, events or regulations.