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Transfer (TX)

Correlation

0.63

Influence

39.69%

Bitcoin and Transfer Correlation

Does Transfer depend on Bitcoin? Based on the correlation analysis, BTC and TX have a strong positive relationship. The correlation coefficient of their values is 0.63, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.

This coefficient may range 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 assets are moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Transfer connection is positively strong, it means that when BTC is growing TX will rise as well. The negative strong relation will point that when BTC is rising TX price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Transfer. If we take all the things affecting the price of TX as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other circumstances, such as news, events or regulations.