Does Bitcoiin2Gen depend on Bitcoin? Based on the correlation analysis, BTC and B2G have a weak negative relationship. The correlation coefficient of their values is -0.26, which was computed based on the last 100-days' price fluctuations of both coins.
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 points that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Bitcoiin2Gen connection is positively strong, it means that when BTC is growing B2G will rise as well. The negative strong relation will indicate that when BTC is rising B2G price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitcoiin2Gen. If we take all the circumstances affecting the price of B2G as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other things, such as media, events or crypto related laws.