Uniqredit (UNIQ)





Bitcoin and Uniqredit Correlation

Does Uniqredit depend on Bitcoin? Based on the correlation analysis, BTC and UNIQ have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both coins.

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 shows that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Uniqredit connection is positively strong, it means that when BTC is rising UNIQ will rise as well. The negative strong relation will tell that when BTC is growing UNIQ price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Uniqredit. If we take all the circumstances affecting the price of UNIQ 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 things, such as news, events or regulations.