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ugChain (UGC)

Correlation

0.61

Influence

37.21%

Bitcoin and ugChain Correlation

Does ugChain depend on Bitcoin? Based on the correlation analysis, BTC and UGC have a strong positive relationship. The correlation coefficient of their values is 0.61, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.

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 coins are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and ugChain connection is positively strong, it means that when BTC is growing UGC will rise as well. The negative strong relation will tell that when BTC is rising UGC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ugChain. If we take all the factors affecting the price of UGC as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other aspects, such as news, events or politics.