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CoralPay (CORAL)

Correlation

0.91

Influence

82.81%

Bitcoin and CoralPay Correlation

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

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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and CoralPay connection is positively strong, it means that when BTC is growing CORAL will rise as well. The negative strong relation will point that when BTC is growing CORAL value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CoralPay. If we take all the aspects affecting the price of CORAL 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 circumstances, such as news, technological releases or crypto related laws.