⟷  

XiaoMiCoin (MI)

Correlation

0.91

Influence

82.81%

Bitcoin and XiaoMiCoin Correlation

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

This coefficient may vary 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 coins are going in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and XiaoMiCoin connection is positively strong, it means that when BTC is growing MI will grow as well. The negative strong relation will show that when BTC is rising MI price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over XiaoMiCoin. If we take all the aspects affecting the price of MI 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.