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Tokyo Coin (TOKC)

Correlation

0.26

Influence

6.76%

Bitcoin and Tokyo Coin Correlation

Does Tokyo Coin depend on Bitcoin? According to the correlation analysis, BTC and TOKC have a weak positive relationship. The correlation coefficient of their prices is 0.26, which was calculated based on the previous 100-days' price movements of both coins.

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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Tokyo Coin connection is positively strong, it means that when BTC is rising TOKC will rise as well. The negative strong relation will tell that when BTC is rising TOKC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Tokyo Coin. If we take all the factors affecting the price of TOKC as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other circumstances, such as news, events or crypto related laws.