Does BiboxCoin depend on Bitcoin? According to the correlation analysis, BTC and BIX have a very strong positive relationship. The correlation coefficient of their values is 0.87, which was computed based on the last 100-days' price movements of both currencies.
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 points that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and BiboxCoin connection is positively strong, it means that when BTC is growing BIX will rise as well. The negative strong relation will tell that when BTC is growing BIX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BiboxCoin. If we take all the factors affecting the price of BIX as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other circumstances, such as news, events or crypto related laws.