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Psilocybin (PSY)

Correlation

0.91

Influence

82.81%

Bitcoin and Psilocybin Correlation

Does Psilocybin depend on Bitcoin? According to the correlation analysis, BTC and PSY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price dynamics of both currencies.

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 contrary direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Psilocybin connection is positively strong, it means that when BTC is rising PSY will grow as well. The negative strong relation will tell that when BTC is growing PSY value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Psilocybin. If we take all the aspects affecting the price of PSY as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, events or crypto related laws.