Does 8BIT Coin depend on Bitcoin? According to the correlation analysis, BTC and 8BIT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.
This coefficient may change 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 trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and 8BIT Coin connection is positively strong, it means that when BTC is rising 8BIT will rise as well. The negative strong relation will show that when BTC is growing 8BIT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over 8BIT Coin. If we take all the circumstances affecting the price of 8BIT 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 things, such as media, events or politics.