Does 300 token depend on Bitcoin? Based on the correlation analysis, BTC and 300 have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was measured based on the previous 100-days' price dynamics 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 coins are going in the contrary direction while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and 300 token connection is positively strong, it means that when BTC is growing 300 will grow as well. The negative strong relation will show that when BTC is growing 300 price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over 300 token. If we take all the factors affecting the price of 300 as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other circumstances, such as news, events or regulations.