⟷  

Junson Ming Chan Coin (JMC)

Correlation

-0.70

Influence

49.00%

Bitcoin and Junson Ming Chan Coin Correlation

Does Junson Ming Chan Coin depend on Bitcoin? According to the correlation analysis, BTC and JMC have a very strong negative relationship. The correlation coefficient of their prices is -0.70, which was estimated based on the last 100-days' price dynamics of both coins.

This coefficient may change 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 shows that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and Junson Ming Chan Coin connection is positively strong, it means that when BTC is rising JMC will rise as well. The negative strong relation will tell that when BTC is growing JMC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Junson Ming Chan Coin. If we take all the aspects affecting the price of JMC as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other factors, such as media, events or regulations.