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Insure Network (INR)

Correlation

0.05

Influence

0.25%

Bitcoin and Insure Network Correlation

Does Insure Network depend on Bitcoin? According to the correlation analysis, BTC and INR have no or negligible relationship. The correlation coefficient of their values is 0.05, which was calculated based on the previous 100-days' price dynamics 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 indicates that the prices of the currencies are going in the contrary trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Insure Network connection is positively strong, it means that when BTC is growing INR will rise as well. The negative strong relation will indicate that when BTC is rising INR value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Insure Network. If we take all the factors affecting the price of INR as 100%, then the share of BTC price among these factors will be 0.25%. The other part which is 99.75% covers all the other aspects, such as news, events or crypto related laws.