⟷  

Confido (CFD)

Correlation

0.68

Influence

46.24%

Bitcoin and Confido Correlation

Does Confido depend on Bitcoin? According to the correlation analysis, BTC and CFD have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price movements of both coins.

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 shows that the prices of the currencies are moving in the opposite direction while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Confido connection is positively strong, it means that when BTC is growing CFD will grow as well. The negative strong relation will indicate that when BTC is rising CFD value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Confido. If we take all the factors affecting the price of CFD as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or crypto related laws.