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Caviar (CAV)

Correlation

0.47

Influence

22.09%

Bitcoin and Caviar Correlation

Does Caviar depend on Bitcoin? According to the correlation analysis, BTC and CAV have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was calculated 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 means that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Caviar connection is positively strong, it means that when BTC is growing CAV will rise as well. The negative strong relation will show that when BTC is growing CAV value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Caviar. If we take all the circumstances affecting the price of CAV as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as news, events or regulations.