IoTeX Network (IOTX)





Bitcoin and IoTeX Network Correlation

Does IoTeX Network depend on Bitcoin? Based on the correlation analysis, BTC and IOTX have a moderate positive relationship. The correlation coefficient of their values is 0.31, which was measured based on the last 100-days' price movements of both coins.

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 points that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and IoTeX Network connection is positively strong, it means that when BTC is rising IOTX will grow as well. The negative strong relation will show that when BTC is growing IOTX value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over IoTeX Network. If we take all the things affecting the price of IOTX as 100%, then the share of BTC price among these factors will be 9.61%. The other part which is 90.39% covers all the other aspects, such as media, events or crypto related laws.