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BitBar (BTB)

Correlation

-0.11

Influence

1.21%

Bitcoin and BitBar Correlation

Does BitBar depend on Bitcoin? According to the correlation analysis, BTC and BTB have no or negligible relationship. The correlation coefficient of their prices is -0.11, which was estimated based on the previous 100-days' price movements 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 shows that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and BitBar connection is positively strong, it means that when BTC is rising BTB will grow as well. The negative strong relation will tell that when BTC is rising BTB value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitBar. If we take all the aspects affecting the price of BTB as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other aspects, such as media, technological releases or crypto related laws.