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TrustPlus (TRUST)

Correlation

0.91

Influence

82.81%

Bitcoin and TrustPlus Correlation

Does TrustPlus depend on Bitcoin? Based on the correlation analysis, BTC and TRUST have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations 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 shows that the prices of the assets are going in the reversed trend while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and TrustPlus connection is positively strong, it means that when BTC is rising TRUST will rise as well. The negative strong relation will show that when BTC is growing TRUST price will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TrustPlus. If we take all the things affecting the price of TRUST 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 things, such as news, events or crypto related laws.