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iBankCoin (IBANK)

Correlation

0.72

Influence

51.84%

Bitcoin and iBankCoin Correlation

Does iBankCoin depend on Bitcoin? Based on the correlation analysis, BTC and IBANK have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and iBankCoin connection is positively strong, it means that when BTC is growing IBANK will grow as well. The negative strong relation will tell that when BTC is growing IBANK price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over iBankCoin. If we take all the things affecting the price of IBANK as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other factors, such as media, technological releases or politics.