How can I track the correlation between the CBA share price and cryptocurrency prices?

3 answers

• Dec 28, 2021 · 3 years ago
  Tracking the correlation between the CBA share price and cryptocurrency prices can provide valuable insights for investors. One way to do this is by using financial data platforms like Bloomberg or Yahoo Finance. These platforms allow you to track the historical prices of both CBA shares and various cryptocurrencies. By comparing the price movements over time, you can identify any potential correlations. Additionally, you can use statistical analysis tools like Excel or Python to calculate the correlation coefficient between the two datasets. This will give you a numerical value that indicates the strength and direction of the correlation.
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• Dec 28, 2021 · 3 years ago
  If you're looking for a more user-friendly option, there are several websites that provide correlation analysis between CBA share price and cryptocurrency prices. CoinMarketCap, for example, offers a feature called 'Correlation Matrix' which allows you to compare the price movements of different cryptocurrencies with various financial assets, including CBA shares. This can help you identify any potential trends or relationships between the two. Keep in mind that correlation does not imply causation, so it's important to interpret the results with caution.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, we understand the importance of tracking the correlation between different financial assets. While we don't provide specific tools for tracking the correlation between CBA share price and cryptocurrency prices, there are several reliable sources and platforms available. As mentioned earlier, financial data platforms like Bloomberg and Yahoo Finance, as well as websites like CoinMarketCap, can be useful in this regard. It's always a good idea to cross-reference the information from multiple sources to ensure accuracy and make informed investment decisions.
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