⟷  

CoinEx token (CET)

Correlation

-0.41

Influence

16.81%

Bitcoin and CoinEx token Correlation

Does CoinEx token depend on Bitcoin? According to the correlation analysis, BTC and CET have a strong negative relationship. The correlation coefficient of their values is -0.41, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 indicates that the prices of the currencies are going in the contrary trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and CoinEx token connection is positively strong, it means that when BTC is rising CET will grow as well. The negative strong relation will show that when BTC is growing CET value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CoinEx token. If we take all the aspects affecting the price of CET as 100%, then the share of BTC price among these factors will be 16.81%. The other part which is 83.19% covers all the other aspects, such as media, events or politics.