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Bread token (BRD)

Correlation

-0.13

Influence

1.69%

Bitcoin and Bread token Correlation

Does Bread token depend on Bitcoin? Based on the correlation analysis, BTC and BRD have no or negligible relationship. The correlation coefficient of their values is -0.13, which was calculated based on the previous 100-days' price fluctuations of both coins.

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 points that the prices of the currencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and Bread token connection is positively strong, it means that when BTC is growing BRD will rise as well. The negative strong relation will tell that when BTC is rising BRD price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Bread token. If we take all the factors affecting the price of BRD as 100%, then the share of BTC price among these factors will be 1.69%. The other part which is 98.31% covers all the other aspects, such as news, technological releases or regulations.