Does BattleCoin depend on Bitcoin? According to the correlation analysis, BTC and BCX have a strong positive relationship. The correlation coefficient of their prices is 0.41, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the currencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and BattleCoin connection is positively strong, it means that when BTC is rising BCX will grow as well. The negative strong relation will indicate that when BTC is growing BCX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BattleCoin. If we take all the aspects affecting the price of BCX as 100%, then the share of BTC price among these factors will be 16.81%. The other part which is 83.19% covers all the other aspects, such as news, technological releases or crypto related laws.