MiloCoin (MILO)





Bitcoin and MiloCoin Correlation

Does MiloCoin depend on Bitcoin? According to the correlation analysis, BTC and MILO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.

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 points that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and MiloCoin connection is positively strong, it means that when BTC is rising MILO will grow as well. The negative strong relation will show that when BTC is growing MILO value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MiloCoin. If we take all the factors affecting the price of MILO 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 things, such as news, technological releases or politics.