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Instamine Nuggets (MINE)

Correlation

0.91

Influence

82.81%

Bitcoin and Instamine Nuggets Correlation

Does Instamine Nuggets depend on Bitcoin? Based on the correlation analysis, BTC and MINE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements of both currencies.

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 points that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Instamine Nuggets connection is positively strong, it means that when BTC is rising MINE will rise as well. The negative strong relation will indicate that when BTC is growing MINE price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Instamine Nuggets. If we take all the factors affecting the price of MINE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, technological releases or politics.