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International Diamond Coin (XID*)

Correlation

0.12

Influence

1.44%

Bitcoin and International Diamond Coin Correlation

Does International Diamond Coin depend on Bitcoin? Based on the correlation analysis, BTC and XID* have no or negligible relationship. The correlation coefficient of their values is 0.12, which was computed based on the previous 100-days' price dynamics 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 indicates that the prices of the assets are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and International Diamond Coin connection is positively strong, it means that when BTC is growing XID* will rise as well. The negative strong relation will show that when BTC is rising XID* price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over International Diamond Coin. If we take all the circumstances affecting the price of XID* as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other aspects, such as news, technological releases or regulations.