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Knekted (KNT)

Correlation

-0.48

Influence

23.04%

Bitcoin and Knekted Correlation

Does Knekted depend on Bitcoin? Based on the correlation analysis, BTC and KNT have a strong negative relationship. The correlation coefficient of their prices is -0.48, which was measured based on the last 100-days' price dynamics of both assets.

This coefficient may adjust 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 coins are moving in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Knekted connection is positively strong, it means that when BTC is rising KNT will grow as well. The negative strong relation will tell that when BTC is growing KNT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Knekted. If we take all the things affecting the price of KNT as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other factors, such as news, events or politics.