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JokerCoin (JOK)

Correlation

0.91

Influence

82.81%

Bitcoin and JokerCoin Correlation

Does JokerCoin depend on Bitcoin? According to the correlation analysis, BTC and JOK have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations of both assets.

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 cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and JokerCoin connection is positively strong, it means that when BTC is rising JOK will grow as well. The negative strong relation will point that when BTC is growing JOK price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over JokerCoin. If we take all the aspects affecting the price of JOK 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 factors, such as news, events or politics.