Does 1337 depend on Bitcoin? Based on the correlation analysis, BTC and 1337 have a very strong positive relationship. The correlation coefficient of their prices is 0.71, which was calculated based on the last 100-days' price dynamics of both currencies.
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 means that the prices of the currencies are moving in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and 1337 connection is positively strong, it means that when BTC is rising 1337 will rise as well. The negative strong relation will tell that when BTC is rising 1337 value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over 1337. If we take all the things affecting the price of 1337 as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other aspects, such as news, technological releases or politics.