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CarVertical (CV)

Correlation

0.51

Influence

26.01%

Bitcoin and CarVertical Correlation

Does CarVertical depend on Bitcoin? Based on the correlation analysis, BTC and CV have a strong positive relationship. The correlation coefficient of their prices is 0.51, which was calculated based on the last 100-days' price fluctuations of both assets.

This coefficient may adjust 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 currencies are moving in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and CarVertical connection is positively strong, it means that when BTC is growing CV will rise as well. The negative strong relation will show that when BTC is rising CV price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CarVertical. If we take all the things affecting the price of CV as 100%, then the share of BTC price among these factors will be 26.01%. The other part which is 73.99% covers all the other things, such as news, technological releases or regulations.