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TotCoin (TOT)

Correlation

0.91

Influence

82.81%

Bitcoin and TotCoin Correlation

Does TotCoin depend on Bitcoin? According to the correlation analysis, BTC and TOT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics of both coins.

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 tells that the prices of the assets are moving in the contrary direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and TotCoin connection is positively strong, it means that when BTC is growing TOT will rise as well. The negative strong relation will indicate that when BTC is rising TOT price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TotCoin. If we take all the factors affecting the price of TOT 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 politics.