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Crypto Sports (CSPN)

Correlation

-0.19

Influence

3.61%

Bitcoin and Crypto Sports Correlation

Does Crypto Sports depend on Bitcoin? According to the correlation analysis, BTC and CSPN have no or negligible relationship. The correlation coefficient of their values is -0.19, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.

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

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Crypto Sports. If we take all the circumstances affecting the price of CSPN as 100%, then the share of BTC price among these factors will be 3.61%. The other part which is 96.39% covers all the other things, such as media, events or politics.