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Apex Token (CPX)

Correlation

0.76

Influence

57.76%

Bitcoin and Apex Token Correlation

Does Apex Token depend on Bitcoin? Based on the correlation analysis, BTC and CPX have a very strong positive relationship. The correlation coefficient of their values is 0.76, which was calculated based on the last 100-days' price dynamics of both currencies.

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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Apex Token connection is positively strong, it means that when BTC is growing CPX will grow as well. The negative strong relation will tell that when BTC is rising CPX value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Apex Token. If we take all the aspects affecting the price of CPX as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other factors, such as news, events or crypto related laws.