Does BannerCoin depend on Bitcoin? According to the correlation analysis, BTC and BCOIN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.
This coefficient may vary 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 coins are going in the reversed direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and BannerCoin connection is positively strong, it means that when BTC is rising BCOIN will grow as well. The negative strong relation will tell that when BTC is rising BCOIN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BannerCoin. If we take all the things affecting the price of BCOIN 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 media, events or crypto related laws.