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SportyFi (SPF)

Correlation

0.23

Influence

5.29%

Bitcoin and SportyFi Correlation

Does SportyFi depend on Bitcoin? Based on the correlation analysis, BTC and SPF have a weak positive relationship. The correlation coefficient of their values is 0.23, which was computed based on the previous 100-days' price dynamics 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 tells that the prices of the assets are going in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and SportyFi connection is positively strong, it means that when BTC is rising SPF will rise as well. The negative strong relation will indicate that when BTC is rising SPF value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SportyFi. If we take all the things affecting the price of SPF as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as news, events or crypto related laws.