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Beetle Coin (BEET)

Correlation

0.88

Influence

77.44%

Bitcoin and Beetle Coin Correlation

Does Beetle Coin depend on Bitcoin? According to the correlation analysis, BTC and BEET have a very strong positive relationship. The correlation coefficient of their values is 0.88, which was estimated based on the previous 100-days' price fluctuations of both currencies.

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 tells that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Beetle Coin connection is positively strong, it means that when BTC is growing BEET will rise as well. The negative strong relation will tell that when BTC is rising BEET value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Beetle Coin. If we take all the aspects affecting the price of BEET as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other factors, such as media, technological releases or crypto related laws.