Yee (YEE)





Bitcoin and Yee Correlation

Does Yee depend on Bitcoin? According to the correlation analysis, BTC and YEE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both cryptocurrencies.

This coefficient may change 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 assets are going in the opposite trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Yee connection is positively strong, it means that when BTC is growing YEE will grow as well. The negative strong relation will show that when BTC is rising YEE value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Yee. If we take all the factors affecting the price of YEE 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 aspects, such as news, events or crypto related laws.