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TurtleNetwork (TN)

Correlation

0.85

Influence

72.25%

Bitcoin and TurtleNetwork Correlation

Does TurtleNetwork depend on Bitcoin? According to the correlation analysis, BTC and TN have a very strong positive relationship. The correlation coefficient of their prices is 0.85, which was measured based on the previous 100-days' price dynamics of both assets.

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 coins are going in the contrary trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and TurtleNetwork connection is positively strong, it means that when BTC is growing TN will rise as well. The negative strong relation will show that when BTC is rising TN price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TurtleNetwork. If we take all the aspects affecting the price of TN as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other things, such as news, events or politics.