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BreakoutCoin (BRK)

Correlation

0.03

Influence

0.09%

Bitcoin and BreakoutCoin Correlation

Does BreakoutCoin depend on Bitcoin? According to the correlation analysis, BTC and BRK have no or negligible relationship. The correlation coefficient of their values is 0.03, 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 indicates that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and BreakoutCoin connection is positively strong, it means that when BTC is growing BRK will grow as well. The negative strong relation will tell that when BTC is rising BRK price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BreakoutCoin. If we take all the things affecting the price of BRK as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other factors, such as news, technological releases or regulations.