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Useless Ethereum Token (UET)

Correlation

0.68

Influence

46.24%

Bitcoin and Useless Ethereum Token Correlation

Does Useless Ethereum Token depend on Bitcoin? Based on the correlation analysis, BTC and UET have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the last 100-days' price movements 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 coins are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Useless Ethereum Token connection is positively strong, it means that when BTC is rising UET will grow as well. The negative strong relation will show that when BTC is growing UET value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Useless Ethereum Token. If we take all the circumstances affecting the price of UET as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, events or regulations.