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Bitcoin Green (BITG)

Correlation

0.92

Influence

84.64%

Bitcoin and Bitcoin Green Correlation

Does Bitcoin Green depend on Bitcoin? Based on the correlation analysis, BTC and BITG have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.

This coefficient may range 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 coins are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and Bitcoin Green connection is positively strong, it means that when BTC is rising BITG will rise as well. The negative strong relation will indicate that when BTC is growing BITG value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bitcoin Green. If we take all the aspects affecting the price of BITG as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as news, technological releases or regulations.