Iungo (ING)





Bitcoin and Iungo Correlation

Does Iungo depend on Bitcoin? Based on the correlation analysis, BTC and ING have no or negligible relationship. The correlation coefficient of their values is 0.09, which was measured based on the last 100-days' price fluctuations of both currencies.

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 tells that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Iungo connection is positively strong, it means that when BTC is growing ING will rise as well. The negative strong relation will indicate that when BTC is growing ING price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Iungo. If we take all the things affecting the price of ING as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other factors, such as media, events or regulations.