Does BenjiRolls depend on Bitcoin? Based on the correlation analysis, BTC and BENJI have a weak positive relationship. The correlation coefficient of their values is 0.23, which was measured based on the last 100-days' price fluctuations of both coins.
This coefficient may range 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 reversed direction while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and BenjiRolls connection is positively strong, it means that when BTC is rising BENJI will rise as well. The negative strong relation will point that when BTC is growing BENJI price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BenjiRolls. If we take all the things affecting the price of BENJI as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other circumstances, such as media, events or politics.