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CoinLancer (CL)

Correlation

0.91

Influence

82.81%

Bitcoin and CoinLancer Correlation

Does CoinLancer depend on Bitcoin? Based on the correlation analysis, BTC and CL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both currencies.

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 points that the prices of the currencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and CoinLancer connection is positively strong, it means that when BTC is rising CL will grow as well. The negative strong relation will indicate that when BTC is growing CL value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CoinLancer. If we take all the factors affecting the price of CL as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, events or crypto related laws.