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iOlite (ILT)

Correlation

0.91

Influence

82.81%

Bitcoin and iOlite Correlation

Does iOlite depend on Bitcoin? Based on the correlation analysis, BTC and ILT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price dynamics 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 means that the prices of the coins are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and iOlite connection is positively strong, it means that when BTC is growing ILT will grow as well. The negative strong relation will indicate that when BTC is growing ILT value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over iOlite. If we take all the circumstances affecting the price of ILT 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 circumstances, such as media, technological releases or politics.