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RenosCoin (RNS)

Correlation

0.89

Influence

79.21%

Bitcoin and RenosCoin Correlation

Does RenosCoin depend on Bitcoin? Based on the correlation analysis, BTC and RNS have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was computed based on the previous 100-days' price movements of both assets.

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 tells that the prices of the assets are going in the opposite trend while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and RenosCoin connection is positively strong, it means that when BTC is growing RNS will grow as well. The negative strong relation will indicate that when BTC is growing RNS price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over RenosCoin. If we take all the circumstances affecting the price of RNS as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other circumstances, such as news, technological releases or politics.