Does BillaryCoin depend on Bitcoin? Based on the correlation analysis, BTC and BLRY have no or negligible relationship. The correlation coefficient of their values is 0.01, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the assets are going in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and BillaryCoin connection is positively strong, it means that when BTC is growing BLRY will grow as well. The negative strong relation will tell that when BTC is rising BLRY value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BillaryCoin. If we take all the aspects affecting the price of BLRY as 100%, then the share of BTC price among these factors will be 0.01%. The other part which is 99.99% covers all the other circumstances, such as media, technological releases or politics.