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Tap Project (TTT)

Correlation

0.69

Influence

47.61%

Bitcoin and Tap Project Correlation

Does Tap Project depend on Bitcoin? According to the correlation analysis, BTC and TTT have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was estimated based on the last 100-days' price movements of both cryptocurrencies.

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 means that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Tap Project connection is positively strong, it means that when BTC is rising TTT will rise as well. The negative strong relation will point that when BTC is rising TTT price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Tap Project. If we take all the circumstances affecting the price of TTT as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other circumstances, such as news, events or crypto related laws.