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SpainCoin (SPA)

Correlation

0.91

Influence

82.81%

Bitcoin and SpainCoin Correlation

Does SpainCoin depend on Bitcoin? According to the correlation analysis, BTC and SPA have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both assets.

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 shows that the prices of the currencies are moving in the opposite trend while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and SpainCoin connection is positively strong, it means that when BTC is growing SPA will grow as well. The negative strong relation will tell that when BTC is growing SPA price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SpainCoin. If we take all the aspects affecting the price of SPA 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 things, such as news, technological releases or politics.