Cygnus (CYG)





Bitcoin and Cygnus Correlation

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

This coefficient may adjust 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 coins are moving in the opposite trend while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and Cygnus connection is positively strong, it means that when BTC is rising CYG will rise as well. The negative strong relation will show that when BTC is rising CYG value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Cygnus. If we take all the circumstances affecting the price of CYG 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 aspects, such as media, events or regulations.