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23 Skidoo (CHAO)

Correlation

0.91

Influence

82.81%

Bitcoin and 23 Skidoo Correlation

Does 23 Skidoo depend on Bitcoin? Based on the correlation analysis, BTC and CHAO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price movements of both assets.

This coefficient may adjust 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 points that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and 23 Skidoo connection is positively strong, it means that when BTC is growing CHAO will rise as well. The negative strong relation will point that when BTC is rising CHAO price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over 23 Skidoo. If we take all the factors affecting the price of CHAO 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, technological releases or crypto related laws.