⟷  

Bitcoin ABC (BCHABC)

Correlation

0.91

Influence

82.81%

Bitcoin and Bitcoin ABC Correlation

Does Bitcoin ABC depend on Bitcoin? According to the correlation analysis, BTC and BCHABC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations 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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Bitcoin ABC connection is positively strong, it means that when BTC is growing BCHABC will rise as well. The negative strong relation will indicate that when BTC is rising BCHABC price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitcoin ABC. If we take all the things affecting the price of BCHABC 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 things, such as media, technological releases or politics.