⟷  

Hydro (HYDRO)

Correlation

-0.15

Influence

2.25%

Bitcoin and Hydro Correlation

Does Hydro depend on Bitcoin? According to the correlation analysis, BTC and HYDRO have no or negligible relationship. The correlation coefficient of their prices is -0.15, which was calculated based on the previous 100-days' price dynamics of both coins.

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 shows that the prices of the currencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and Hydro connection is positively strong, it means that when BTC is rising HYDRO will grow as well. The negative strong relation will tell that when BTC is growing HYDRO value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Hydro. If we take all the factors affecting the price of HYDRO as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other factors, such as news, technological releases or crypto related laws.