Does BitBlocks depend on Bitcoin? Based on the correlation analysis, BTC and BBK have a very strong positive relationship. The correlation coefficient of their values is 0.75, which was measured based on the last 100-days' price movements 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 points that the prices of the coins are moving in the opposite trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and BitBlocks connection is positively strong, it means that when BTC is rising BBK will grow as well. The negative strong relation will point that when BTC is growing BBK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitBlocks. If we take all the aspects affecting the price of BBK as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other aspects, such as media, events or politics.