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UnCoin (UNC)

Correlation

0.91

Influence

82.81%

Bitcoin and UnCoin Correlation

Does UnCoin depend on Bitcoin? According to the correlation analysis, BTC and UNC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price dynamics of both assets.

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 shows that the prices of the currencies are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and UnCoin connection is positively strong, it means that when BTC is growing UNC will grow as well. The negative strong relation will indicate that when BTC is growing UNC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over UnCoin. If we take all the aspects affecting the price of UNC 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 media, technological releases or politics.