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PolyBit (POLY)

Correlation

0.73

Influence

53.29%

Bitcoin and PolyBit Correlation

Does PolyBit depend on Bitcoin? Based on the correlation analysis, BTC and POLY have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was estimated based on the previous 100-days' price movements of both coins.

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 tells that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and PolyBit connection is positively strong, it means that when BTC is growing POLY will rise as well. The negative strong relation will tell that when BTC is growing POLY price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over PolyBit. If we take all the things affecting the price of POLY as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other factors, such as news, events or crypto related laws.