Does 2BACCO Coin depend on Bitcoin? Based on the correlation analysis, BTC and 2BACCO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both coins.
This coefficient may range 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 cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and 2BACCO Coin connection is positively strong, it means that when BTC is growing 2BACCO will grow as well. The negative strong relation will show that when BTC is rising 2BACCO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over 2BACCO Coin. If we take all the circumstances affecting the price of 2BACCO 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 factors, such as media, events or politics.