Does Tombola depend on Bitcoin? According to the correlation analysis, BTC and TBL have a moderate negative relationship. The correlation coefficient of their values is -0.33, which was measured based on the previous 100-days' price movements of both coins.
This coefficient may vary 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 coins are going in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Tombola connection is positively strong, it means that when BTC is rising TBL will grow as well. The negative strong relation will tell that when BTC is growing TBL value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Tombola. If we take all the factors affecting the price of TBL as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other circumstances, such as media, technological releases or politics.