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Bitcoin Red (BTCRED)

Correlation

0.26

Influence

6.76%

Bitcoin and Bitcoin Red Correlation

Does Bitcoin Red depend on Bitcoin? Based on the correlation analysis, BTC and BTCRED have a weak positive relationship. The correlation coefficient of their prices is 0.26, which was measured based on the last 100-days' price fluctuations 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 indicates that the prices of the coins are moving in the reversed direction while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and Bitcoin Red connection is positively strong, it means that when BTC is growing BTCRED will rise as well. The negative strong relation will point that when BTC is growing BTCRED value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bitcoin Red. If we take all the factors affecting the price of BTCRED as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other things, such as news, technological releases or regulations.