Bitcoin and T-BOT Correlation

Does T-BOT depend on Bitcoin? Based on the correlation analysis, BTC and TBT 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 fluctuations of both assets.

This coefficient may adjust 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 currencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and T-BOT connection is positively strong, it means that when BTC is rising TBT will rise as well. The negative strong relation will tell that when BTC is growing TBT price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over T-BOT. If we take all the circumstances affecting the price of TBT 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 circumstances, such as media, technological releases or crypto related laws.