Useless Eth Token Lite (UETL)





Bitcoin and Useless Eth Token Lite Correlation

Does Useless Eth Token Lite depend on Bitcoin? According to the correlation analysis, BTC and UETL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price dynamics of both coins.

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 shows that the prices of the currencies are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and Useless Eth Token Lite connection is positively strong, it means that when BTC is growing UETL will grow as well. The negative strong relation will indicate that when BTC is growing UETL price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Useless Eth Token Lite. If we take all the things affecting the price of UETL 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 factors, such as news, events or crypto related laws.