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ILCoin (ILC)

Correlation

0.14

Influence

1.96%

Bitcoin and ILCoin Correlation

Does ILCoin depend on Bitcoin? According to the correlation analysis, BTC and ILC have no or negligible relationship. The correlation coefficient of their prices is 0.14, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.

This coefficient may vary 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 cryptocurrencies are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and ILCoin connection is positively strong, it means that when BTC is growing ILC will grow as well. The negative strong relation will show that when BTC is growing ILC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ILCoin. If we take all the circumstances affecting the price of ILC as 100%, then the share of BTC price among these factors will be 1.96%. The other part which is 98.04% covers all the other factors, such as media, technological releases or politics.