⟷  

CryptoPay (CPAY)

Correlation

0.34

Influence

11.56%

Bitcoin and CryptoPay Correlation

Does CryptoPay depend on Bitcoin? According to the correlation analysis, BTC and CPAY have a moderate positive relationship. The correlation coefficient of their prices is 0.34, which was computed based on the previous 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 means that the prices of the assets are going in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and CryptoPay connection is positively strong, it means that when BTC is rising CPAY will rise as well. The negative strong relation will indicate that when BTC is growing CPAY price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CryptoPay. If we take all the factors affecting the price of CPAY as 100%, then the share of BTC price among these factors will be 11.56%. The other part which is 88.44% covers all the other aspects, such as media, technological releases or politics.