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Ignis (IGNIS)

Correlation

0.67

Influence

44.89%

Bitcoin and Ignis Correlation

Does Ignis depend on Bitcoin? Based on the correlation analysis, BTC and IGNIS have a strong positive relationship. The correlation coefficient of their prices is 0.67, which was computed based on the last 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 shows that the prices of the assets are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and Ignis connection is positively strong, it means that when BTC is growing IGNIS will grow as well. The negative strong relation will indicate that when BTC is rising IGNIS value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ignis. If we take all the circumstances affecting the price of IGNIS as 100%, then the share of BTC price among these factors will be 44.89%. The other part which is 55.11% covers all the other aspects, such as media, events or politics.