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BolivarCoin (BOLI)

Correlation

-0.48

Influence

23.04%

Bitcoin and BolivarCoin Correlation

Does BolivarCoin depend on Bitcoin? According to the correlation analysis, BTC and BOLI have a strong negative relationship. The correlation coefficient of their values is -0.48, which was calculated based on the last 100-days' price movements of both assets.

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 points that the prices of the currencies are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and BolivarCoin connection is positively strong, it means that when BTC is growing BOLI will grow as well. The negative strong relation will indicate that when BTC is growing BOLI value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BolivarCoin. If we take all the factors affecting the price of BOLI as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other factors, such as media, events or politics.