Does Baer Chain depend on Bitcoin? Based on the correlation analysis, BTC and BRC have no or negligible relationship. The correlation coefficient of their values is 0.03, which was measured based on the last 100-days' price movements of both assets.
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 points that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Baer Chain connection is positively strong, it means that when BTC is growing BRC will grow as well. The negative strong relation will point that when BTC is rising BRC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Baer Chain. If we take all the circumstances affecting the price of BRC as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other circumstances, such as media, technological releases or politics.