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TokenPay (TPAY*)

Correlation

0.14

Influence

1.96%

Bitcoin and TokenPay Correlation

Does TokenPay depend on Bitcoin? Based on the correlation analysis, BTC and TPAY* have no or negligible relationship. The correlation coefficient of their values is 0.14, which was computed based on the previous 100-days' price dynamics of both currencies.

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 tells that the prices of the assets are going in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and TokenPay connection is positively strong, it means that when BTC is growing TPAY* will rise as well. The negative strong relation will point that when BTC is rising TPAY* value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TokenPay. If we take all the things affecting the price of TPAY* as 100%, then the share of BTC price among these factors will be 1.96%. The other part which is 98.04% covers all the other circumstances, such as news, events or crypto related laws.