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RoyalCoin 2.0 (RYCN)

Correlation

0.91

Influence

82.81%

Bitcoin and RoyalCoin 2.0 Correlation

Does RoyalCoin 2.0 depend on Bitcoin? According to the correlation analysis, BTC and RYCN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics of both assets.

This coefficient may vary 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 moving in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and RoyalCoin 2.0 connection is positively strong, it means that when BTC is growing RYCN will grow as well. The negative strong relation will point that when BTC is growing RYCN value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over RoyalCoin 2.0. If we take all the circumstances affecting the price of RYCN 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 aspects, such as news, events or regulations.