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Bitrolium (BTL)

Correlation

0.24

Influence

5.76%

Bitcoin and Bitrolium Correlation

Does Bitrolium depend on Bitcoin? Based on the correlation analysis, BTC and BTL have a weak positive relationship. The correlation coefficient of their prices is 0.24, which was measured based on the last 100-days' price movements 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 opposite trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Bitrolium connection is positively strong, it means that when BTC is rising BTL will grow as well. The negative strong relation will indicate that when BTC is rising BTL value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitrolium. If we take all the things affecting the price of BTL as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other things, such as media, technological releases or politics.