King93 (KING)





Bitcoin and King93 Correlation

Does King93 depend on Bitcoin? According to the correlation analysis, BTC and KING have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements of both currencies.

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 shows that the prices of the assets are moving in the opposite direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and King93 connection is positively strong, it means that when BTC is rising KING will grow as well. The negative strong relation will point that when BTC is growing KING price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over King93. If we take all the circumstances affecting the price of KING 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, technological releases or politics.