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Ravencoin (RVN)

Correlation

0.49

Influence

24.01%

Bitcoin and Ravencoin Correlation

Does Ravencoin depend on Bitcoin? Based on the correlation analysis, BTC and RVN have a strong positive relationship. The correlation coefficient of their prices is 0.49, which was calculated based on the previous 100-days' price dynamics 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 going in the contrary direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Ravencoin connection is positively strong, it means that when BTC is growing RVN will rise as well. The negative strong relation will show that when BTC is rising RVN value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ravencoin. If we take all the factors affecting the price of RVN as 100%, then the share of BTC price among these factors will be 24.01%. The other part which is 75.99% covers all the other aspects, such as media, events or crypto related laws.