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CryptopiaFeeShares (CEFS)

Correlation

0.91

Influence

82.81%

Bitcoin and CryptopiaFeeShares Correlation

Does CryptopiaFeeShares depend on Bitcoin? According to the correlation analysis, BTC and CEFS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations of both currencies.

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 reversed direction while the positive coefficient means that the prices are going in the same trend. For instance, if Bitcoin and CryptopiaFeeShares connection is positively strong, it means that when BTC is rising CEFS will grow as well. The negative strong relation will indicate that when BTC is rising CEFS price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CryptopiaFeeShares. If we take all the factors affecting the price of CEFS 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 media, events or crypto related laws.