⟷  

Thorecoin (THR)

Correlation

0.85

Influence

72.25%

Bitcoin and Thorecoin Correlation

Does Thorecoin depend on Bitcoin? According to the correlation analysis, BTC and THR have a very strong positive relationship. The correlation coefficient of their prices is 0.85, which was estimated based on the previous 100-days' price fluctuations of both currencies.

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 going in the reversed direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Thorecoin connection is positively strong, it means that when BTC is growing THR will grow as well. The negative strong relation will tell that when BTC is growing THR value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Thorecoin. If we take all the things affecting the price of THR as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other aspects, such as media, events or crypto related laws.