Does Binance Coin depend on Bitcoin? According to the correlation analysis, BTC and BNB have a very strong positive relationship. The correlation coefficient of their values is 0.85, which was calculated based on the last 100-days' price fluctuations 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 points that the prices of the currencies are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Binance Coin connection is positively strong, it means that when BTC is rising BNB will grow as well. The negative strong relation will tell that when BTC is growing BNB price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Binance Coin. If we take all the things affecting the price of BNB as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other factors, such as media, events or regulations.