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Energo (TSL)

Correlation

0.60

Influence

36.00%

Bitcoin and Energo Correlation

Does Energo depend on Bitcoin? According to the correlation analysis, BTC and TSL have a strong positive relationship. The correlation coefficient of their values is 0.60, which was estimated based on the previous 100-days' price dynamics of both currencies.

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 direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Energo connection is positively strong, it means that when BTC is rising TSL will rise as well. The negative strong relation will point that when BTC is rising TSL price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Energo. If we take all the factors affecting the price of TSL as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other aspects, such as news, events or regulations.