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BitSerial (BTSE)

Correlation

0.91

Influence

82.81%

Bitcoin and BitSerial Correlation

Does BitSerial depend on Bitcoin? Based on the correlation analysis, BTC and BTSE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price movements 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 points that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and BitSerial connection is positively strong, it means that when BTC is rising BTSE will rise as well. The negative strong relation will point that when BTC is rising BTSE value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BitSerial. If we take all the aspects affecting the price of BTSE 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 factors, such as media, technological releases or crypto related laws.