XtraBYtes (XBY)





Bitcoin and XtraBYtes Correlation

Does XtraBYtes depend on Bitcoin? Based on the correlation analysis, BTC and XBY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements of both coins.

This coefficient may adjust 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 points that the prices of the assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and XtraBYtes connection is positively strong, it means that when BTC is growing XBY will grow as well. The negative strong relation will point that when BTC is rising XBY value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over XtraBYtes. If we take all the aspects affecting the price of XBY 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, technological releases or crypto related laws.