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UltraCoin (UTC)

Correlation

0.91

Influence

82.81%

Bitcoin and UltraCoin Correlation

Does UltraCoin depend on Bitcoin? According to the correlation analysis, BTC and UTC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both currencies.

This coefficient may change 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 means that the prices of the currencies are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and UltraCoin connection is positively strong, it means that when BTC is growing UTC will rise as well. The negative strong relation will show that when BTC is growing UTC price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over UltraCoin. If we take all the things affecting the price of UTC 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 circumstances, such as media, events or politics.