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Bata (BTA)

Correlation

0.46

Influence

21.16%

Bitcoin and Bata Correlation

Does Bata depend on Bitcoin? Based on the correlation analysis, BTC and BTA have a strong positive relationship. The correlation coefficient of their prices is 0.46, which was computed based on the previous 100-days' price dynamics 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 indicates that the prices of the assets are going in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Bata connection is positively strong, it means that when BTC is growing BTA will grow as well. The negative strong relation will tell that when BTC is growing BTA value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bata. If we take all the things affecting the price of BTA as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as media, events or politics.