Does Travelflex depend on Bitcoin? According to the correlation analysis, BTC and TRF have a weak positive relationship. The correlation coefficient of their prices is 0.29, which was calculated based on the previous 100-days' price dynamics of both currencies.
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 means that the prices of the currencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Travelflex connection is positively strong, it means that when BTC is growing TRF will grow as well. The negative strong relation will indicate that when BTC is rising TRF price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Travelflex. If we take all the aspects affecting the price of TRF as 100%, then the share of BTC price among these factors will be 8.41%. The other part which is 91.59% covers all the other aspects, such as news, technological releases or politics.