Icobid (ICOB)





Bitcoin and Icobid Correlation

Does Icobid depend on Bitcoin? According to the correlation analysis, BTC and ICOB have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.

This coefficient may change 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 currencies are going in the reversed trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Icobid connection is positively strong, it means that when BTC is growing ICOB will rise as well. The negative strong relation will indicate that when BTC is rising ICOB value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Icobid. If we take all the things affecting the price of ICOB as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, events or politics.