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Spots (SPT)

Correlation

0.03

Influence

0.09%

Bitcoin and Spots Correlation

Does Spots depend on Bitcoin? According to the correlation analysis, BTC and SPT have no or negligible relationship. The correlation coefficient of their prices is 0.03, which was computed based on the previous 100-days' price fluctuations of both coins.

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 indicates that the prices of the assets are going in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and Spots connection is positively strong, it means that when BTC is growing SPT will grow as well. The negative strong relation will indicate that when BTC is rising SPT value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Spots. If we take all the circumstances affecting the price of SPT as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other circumstances, such as news, technological releases or regulations.