Does ALTcoin depend on Bitcoin? Based on the correlation analysis, BTC and ALT have no relationship. The correlation coefficient of their values is 0.00, which was estimated 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 tells that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and ALTcoin connection is positively strong, it means that when BTC is rising ALT will rise as well. The negative strong relation will show that when BTC is growing ALT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ALTcoin. If we take all the factors affecting the price of ALT as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as media, events or regulations.