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Monoeci (XMCC)

Correlation

0.92

Influence

84.64%

Bitcoin and Monoeci Correlation

Does Monoeci depend on Bitcoin? Based on the correlation analysis, BTC and XMCC have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was calculated based on the last 100-days' price fluctuations of both currencies.

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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Monoeci connection is positively strong, it means that when BTC is rising XMCC will grow as well. The negative strong relation will tell that when BTC is rising XMCC price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Monoeci. If we take all the things affecting the price of XMCC as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as news, events or crypto related laws.