RE: Correlation Coefficient between bitcoin and a bunch of altcoins

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Correlation Coefficient between bitcoin and a bunch of altcoins

in bitcoin •  7 years ago 

Curios but cool, could you please explain a little bit. May also follow @svtechnik

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7 years ago by

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      ·  7 years ago 

    Explanation
    The numbers in the matrix are correlation coefficients (What's that?). You have to read them in the following way:

    The closer to 1, the more correlation (prices behave similar)
    The closer to -1, the more inverse is the correlation (prices move in different directions)
    Anything close to 0.0 – Either negative nor positive correlation (movements outweigh each other

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        ·  7 years ago (edited)

      Basically what it means that certain coins, the darker green ones, mimic bitcoin really well (go up when it goes up and go down when it goes down), some move opposite to bitcoin - those are the red ones which this data suggests will go down when bitcoin goes up and up when bitcoin goes down. Then you have the white-ish ones, those are "uncorrelated" to bitcoin meaning that it goes up and down independently from whatever bitcoin does.

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          ·  7 years ago 

        Yea you got it all right.

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            ·  7 years ago 

          thanks

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