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TeslaCoin (TES)

Correlation

0.91

Influence

82.81%

Bitcoin and TeslaCoin Correlation

Does TeslaCoin depend on Bitcoin? Based on the correlation analysis, BTC and TES have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations 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 points that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and TeslaCoin connection is positively strong, it means that when BTC is growing TES will grow as well. The negative strong relation will point that when BTC is rising TES value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TeslaCoin. If we take all the factors affecting the price of TES 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 factors, such as media, events or crypto related laws.