Does Coinvest depend on Bitcoin? According to the correlation analysis, BTC and COIN have a strong positive relationship. The correlation coefficient of their values is 0.64, which was computed based on the last 100-days' price movements of both assets.
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 opposite trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Coinvest connection is positively strong, it means that when BTC is rising COIN will grow as well. The negative strong relation will show that when BTC is rising COIN value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Coinvest. If we take all the things affecting the price of COIN as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as news, events or politics.