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Bitair (BTCA)

Correlation

0.68

Influence

46.24%

Bitcoin and Bitair Correlation

Does Bitair depend on Bitcoin? Based on the correlation analysis, BTC and BTCA have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price movements of both coins.

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 shows that the prices of the assets are going in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Bitair connection is positively strong, it means that when BTC is growing BTCA will rise as well. The negative strong relation will indicate that when BTC is rising BTCA value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitair. If we take all the circumstances affecting the price of BTCA as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, technological releases or crypto related laws.