Does 808 depend on Bitcoin? According to the correlation analysis, BTC and 808 have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations of both currencies.
This coefficient may vary 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 indicates that the prices of the currencies are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and 808 connection is positively strong, it means that when BTC is rising 808 will rise as well. The negative strong relation will point that when BTC is growing 808 price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over 808. If we take all the factors affecting the price of 808 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 circumstances, such as news, technological releases or crypto related laws.