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United Traders Token (UTT)

Correlation

0.11

Influence

1.21%

Bitcoin and United Traders Token Correlation

Does United Traders Token depend on Bitcoin? Based on the correlation analysis, BTC and UTT have no or negligible relationship. The correlation coefficient of their prices is 0.11, which was measured 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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and United Traders Token connection is positively strong, it means that when BTC is growing UTT will rise as well. The negative strong relation will point that when BTC is rising UTT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over United Traders Token. If we take all the things affecting the price of UTT as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other factors, such as media, technological releases or regulations.