Bitcoin and BlockPay Correlation

Does BlockPay depend on Bitcoin? According to the correlation analysis, BTC and BLOCKPAY have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was estimated based on the previous 100-days' price dynamics of both currencies.

This coefficient may vary 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 cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and BlockPay connection is positively strong, it means that when BTC is rising BLOCKPAY will rise as well. The negative strong relation will tell that when BTC is growing BLOCKPAY value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BlockPay. If we take all the circumstances affecting the price of BLOCKPAY 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 factors, such as media, events or politics.