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Etheal (HEAL)

Correlation

0.26

Influence

6.76%

Bitcoin and Etheal Correlation

Does Etheal depend on Bitcoin? According to the correlation analysis, BTC and HEAL have a weak positive relationship. The correlation coefficient of their values is 0.26, which was measured based on the previous 100-days' price movements of both cryptocurrencies.

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 points that the prices of the coins are going in the opposite trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Etheal connection is positively strong, it means that when BTC is rising HEAL will rise as well. The negative strong relation will show that when BTC is growing HEAL value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Etheal. If we take all the factors affecting the price of HEAL as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other circumstances, such as media, events or crypto related laws.