Does BitBoss depend on Bitcoin? Based on the correlation analysis, BTC and BOSS have no or negligible relationship. The correlation coefficient of their prices is -0.07, which was calculated based on the last 100-days' price fluctuations of both assets.
This coefficient may range 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 indicates 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 direction. For example, if Bitcoin and BitBoss connection is positively strong, it means that when BTC is rising BOSS will rise as well. The negative strong relation will show that when BTC is growing BOSS value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BitBoss. If we take all the things affecting the price of BOSS as 100%, then the share of BTC price among these factors will be 0.49%. The other part which is 99.51% covers all the other circumstances, such as media, events or crypto related laws.