Does Bankera depend on Bitcoin? Based on the correlation analysis, BTC and BNK have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was computed based on the last 100-days' price movements of both cryptocurrencies.
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 means that the prices of the assets are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Bankera connection is positively strong, it means that when BTC is growing BNK will rise as well. The negative strong relation will point that when BTC is rising BNK value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bankera. If we take all the factors affecting the price of BNK as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other circumstances, such as media, technological releases or politics.