Does Bettex coin depend on Bitcoin? Based on the correlation analysis, BTC and BTXC have a strong positive relationship. The correlation coefficient of their prices is 0.59, which was estimated based on the previous 100-days' price dynamics 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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Bettex coin connection is positively strong, it means that when BTC is growing BTXC will grow as well. The negative strong relation will tell that when BTC is growing BTXC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Bettex coin. If we take all the aspects affecting the price of BTXC as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other things, such as media, events or politics.