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Bytether  (BTH)

Correlation

0.26

Influence

6.76%

Bitcoin and Bytether  Correlation

Does Bytether  depend on Bitcoin? According to the correlation analysis, BTC and BTH have a weak positive relationship. The correlation coefficient of their prices is 0.26, which was computed based on the last 100-days' price fluctuations 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 shows that the prices of the assets are moving in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Bytether  connection is positively strong, it means that when BTC is rising BTH will rise as well. The negative strong relation will indicate that when BTC is growing BTH value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bytether . If we take all the aspects affecting the price of BTH as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other things, such as media, events or regulations.