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IceChain (ICHX)

Correlation

-0.18

Influence

3.24%

Bitcoin and IceChain Correlation

Does IceChain depend on Bitcoin? Based on the correlation analysis, BTC and ICHX have no or negligible relationship. The correlation coefficient of their prices is -0.18, which was measured based on the last 100-days' price fluctuations 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 shows that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and IceChain connection is positively strong, it means that when BTC is rising ICHX will grow as well. The negative strong relation will tell that when BTC is growing ICHX price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over IceChain. If we take all the circumstances affecting the price of ICHX as 100%, then the share of BTC price among these factors will be 3.24%. The other part which is 96.76% covers all the other circumstances, such as media, technological releases or regulations.