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JET8 (J8T)

Correlation

0.13

Influence

1.69%

Bitcoin and JET8 Correlation

Does JET8 depend on Bitcoin? According to the correlation analysis, BTC and J8T have no or negligible relationship. The correlation coefficient of their prices is 0.13, which was calculated based on the previous 100-days' price movements of both coins.

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 indicates that the prices of the currencies are going in the opposite direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and JET8 connection is positively strong, it means that when BTC is growing J8T will rise as well. The negative strong relation will point that when BTC is rising J8T value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over JET8. If we take all the aspects affecting the price of J8T as 100%, then the share of BTC price among these factors will be 1.69%. The other part which is 98.31% covers all the other factors, such as news, technological releases or politics.