The values of the correlation coefficient range between -1 and 1. A positive correlation coefficient means that a one coin moves up or down, the other coins moves in the same direction. A negative correlation coefficient implies that two coins move in opposite directions.
A correlation coefficient around zero indicates that there seems to be no (linear) relationship at all.
Some investors think that it’s possible to reduce the investment risk by diversifying: they buy coins whose prices are less likely to decrease at the same time.
Nowadays many coins seem to be highly correlated with Bitcoin. Therefore it’s important to know how the 30-days-correlation between ETN and BTC evolves over time, given that the relationship between these two coins doesn’t remain constant over time:
Our heatmap indicates the correlation coefficients of ETN with the most important coins (for four different time periods).
Please keep in mind that you shouldn’t base your investment decisions only on the correlation coefficients and that we cannot take any responsibility if your investments aren’t profitable or if there is an error in the correlation coefficient calculation. Please remember to do your own due diligence and perform a Fundamental Analysis of any project you want to invest in.
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