⟷  

XauCoin (XAU)

Correlation

-0.72

Influence

51.84%

Bitcoin and XauCoin Correlation

Does XauCoin depend on Bitcoin? According to the correlation analysis, BTC and XAU have a very strong negative relationship. The correlation coefficient of their prices is -0.72, 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 means that the prices are moving in the identical direction. For example, if Bitcoin and XauCoin connection is positively strong, it means that when BTC is growing XAU will rise as well. The negative strong relation will indicate that when BTC is rising XAU value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over XauCoin. If we take all the aspects affecting the price of XAU as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other factors, such as news, events or politics.