⟷  

MoinCoin (MOIN)

Correlation

0.46

Influence

21.16%

Bitcoin and MoinCoin Correlation

Does MoinCoin depend on Bitcoin? Based on the correlation analysis, BTC and MOIN have a strong positive relationship. The correlation coefficient of their values is 0.46, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.

This coefficient may range 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 assets are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and MoinCoin connection is positively strong, it means that when BTC is growing MOIN will grow as well. The negative strong relation will tell that when BTC is rising MOIN value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MoinCoin. If we take all the circumstances affecting the price of MOIN as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other circumstances, such as news, events or politics.