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TOA Coin (TOA)

Correlation

0.68

Influence

46.24%

Bitcoin and TOA Coin Correlation

Does TOA Coin depend on Bitcoin? Based on the correlation analysis, BTC and TOA have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price movements of both cryptocurrencies.

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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and TOA Coin connection is positively strong, it means that when BTC is rising TOA will rise as well. The negative strong relation will show that when BTC is growing TOA price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TOA Coin. If we take all the circumstances affecting the price of TOA as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, technological releases or politics.