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Caspian (CSP)

Correlation

0.36

Influence

12.96%

Bitcoin and Caspian Correlation

Does Caspian depend on Bitcoin? According to the correlation analysis, BTC and CSP have a moderate positive relationship. The correlation coefficient of their prices is 0.36, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.

This coefficient may change 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 assets are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Caspian connection is positively strong, it means that when BTC is rising CSP will rise as well. The negative strong relation will show that when BTC is growing CSP price will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Caspian. If we take all the aspects affecting the price of CSP as 100%, then the share of BTC price among these factors will be 12.96%. The other part which is 87.04% covers all the other circumstances, such as media, events or politics.