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Sp8de (SPX*)

Correlation

-0.50

Influence

25.00%

Bitcoin and Sp8de Correlation

Does Sp8de depend on Bitcoin? Based on the correlation analysis, BTC and SPX* have a strong negative relationship. The correlation coefficient of their prices is -0.50, which was calculated based on the last 100-days' price movements of both currencies.

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 shows that the prices of the currencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Sp8de connection is positively strong, it means that when BTC is rising SPX* will rise as well. The negative strong relation will indicate that when BTC is rising SPX* value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Sp8de. If we take all the circumstances affecting the price of SPX* as 100%, then the share of BTC price among these factors will be 25.00%. The other part which is 75.00% covers all the other factors, such as media, events or regulations.