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Poseidon Foundation (OCEAN)

Correlation

-0.37

Influence

13.69%

Bitcoin and Poseidon Foundation Correlation

Does Poseidon Foundation depend on Bitcoin? Based on the correlation analysis, BTC and OCEAN have a moderate negative relationship. The correlation coefficient of their values is -0.37, which was estimated based on the last 100-days' price movements of both assets.

This coefficient may range 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 moving in the opposite trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Poseidon Foundation connection is positively strong, it means that when BTC is growing OCEAN will grow as well. The negative strong relation will tell that when BTC is rising OCEAN price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Poseidon Foundation. If we take all the circumstances affecting the price of OCEAN as 100%, then the share of BTC price among these factors will be 13.69%. The other part which is 86.31% covers all the other circumstances, such as news, events or crypto related laws.