bitSilver (BITSILVER)





Bitcoin and bitSilver Correlation

Does bitSilver depend on Bitcoin? According to the correlation analysis, BTC and BITSILVER have a weak positive relationship. The correlation coefficient of their prices is 0.20, which was calculated based on the last 100-days' price movements of both assets.

This coefficient may change 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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and bitSilver connection is positively strong, it means that when BTC is growing BITSILVER will rise as well. The negative strong relation will tell that when BTC is growing BITSILVER price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over bitSilver. If we take all the aspects affecting the price of BITSILVER as 100%, then the share of BTC price among these factors will be 4.00%. The other part which is 96.00% covers all the other factors, such as media, technological releases or regulations.