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RedCrowCoin (RCX)

Correlation

0.91

Influence

82.81%

Bitcoin and RedCrowCoin Correlation

Does RedCrowCoin depend on Bitcoin? Based on the correlation analysis, BTC and RCX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both currencies.

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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and RedCrowCoin connection is positively strong, it means that when BTC is growing RCX will rise as well. The negative strong relation will tell that when BTC is rising RCX price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over RedCrowCoin. If we take all the factors affecting the price of RCX 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 media, events or regulations.