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BelaCoin (BELA)

Correlation

0.91

Influence

82.81%

Bitcoin and BelaCoin Correlation

Does BelaCoin depend on Bitcoin? According to the correlation analysis, BTC and BELA 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 dynamics 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 contrary trend while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and BelaCoin connection is positively strong, it means that when BTC is growing BELA will grow as well. The negative strong relation will show that when BTC is rising BELA price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BelaCoin. If we take all the things affecting the price of BELA 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, events or politics.