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TechCoin (TECH)

Correlation

0.91

Influence

82.81%

Bitcoin and TechCoin Correlation

Does TechCoin depend on Bitcoin? Based on the correlation analysis, BTC and TECH have a very strong positive relationship. The correlation coefficient of their values is 0.91, 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 shows that the prices are going in the identical trend. For example, if Bitcoin and TechCoin connection is positively strong, it means that when BTC is growing TECH will rise as well. The negative strong relation will indicate that when BTC is growing TECH price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TechCoin. If we take all the things affecting the price of TECH 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, events or politics.