⟷  

CryptoJacks (CJ)

Correlation

0.91

Influence

82.81%

Bitcoin and CryptoJacks Correlation

Does CryptoJacks depend on Bitcoin? Based on the correlation analysis, BTC and CJ have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements of both assets.

This coefficient may range 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 assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and CryptoJacks connection is positively strong, it means that when BTC is growing CJ will grow as well. The negative strong relation will point that when BTC is rising CJ price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CryptoJacks. If we take all the aspects affecting the price of CJ 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 factors, such as news, events or politics.