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Iconomi (ICN)

Correlation

0.90

Influence

81.00%

Bitcoin and Iconomi Correlation

Does Iconomi depend on Bitcoin? Based on the correlation analysis, BTC and ICN have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Iconomi connection is positively strong, it means that when BTC is growing ICN will grow as well. The negative strong relation will show that when BTC is growing ICN value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Iconomi. If we take all the things affecting the price of ICN as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other factors, such as news, events or crypto related laws.