Does B3 Coin depend on Bitcoin? According to the correlation analysis, BTC and B3 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both coins.
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 tells that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and B3 Coin connection is positively strong, it means that when BTC is growing B3 will rise as well. The negative strong relation will tell that when BTC is growing B3 price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over B3 Coin. If we take all the aspects affecting the price of B3 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 aspects, such as news, events or regulations.