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ChatCoin (CHAT)

Correlation

0.83

Influence

68.89%

Bitcoin and ChatCoin Correlation

Does ChatCoin depend on Bitcoin? Based on the correlation analysis, BTC and CHAT have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was calculated based on the last 100-days' price fluctuations of both assets.

This coefficient may range 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 currencies are moving in the reversed trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and ChatCoin connection is positively strong, it means that when BTC is growing CHAT will rise as well. The negative strong relation will indicate that when BTC is rising CHAT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ChatCoin. If we take all the factors affecting the price of CHAT as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other factors, such as media, technological releases or crypto related laws.