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IoT Chain (ITC)

Correlation

0.80

Influence

64.00%

Bitcoin and IoT Chain Correlation

Does IoT Chain depend on Bitcoin? Based on the correlation analysis, BTC and ITC have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.

This coefficient may range 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 indicates that the prices are moving in the identical trend. For instance, if Bitcoin and IoT Chain connection is positively strong, it means that when BTC is rising ITC will grow as well. The negative strong relation will point that when BTC is growing ITC value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over IoT Chain. If we take all the circumstances affecting the price of ITC as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other factors, such as media, events or regulations.