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IP Exchange (IPSX)

Correlation

0.27

Influence

7.29%

Bitcoin and IP Exchange Correlation

Does IP Exchange depend on Bitcoin? According to the correlation analysis, BTC and IPSX have a weak positive relationship. The correlation coefficient of their values is 0.27, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.

This coefficient may vary 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 opposite trend while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and IP Exchange connection is positively strong, it means that when BTC is growing IPSX will rise as well. The negative strong relation will show that when BTC is rising IPSX price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over IP Exchange. If we take all the things affecting the price of IPSX as 100%, then the share of BTC price among these factors will be 7.29%. The other part which is 92.71% covers all the other factors, such as media, events or crypto related laws.