Does Bitcoin SegWit2X depend on Bitcoin? Based on the correlation analysis, BTC and BT2 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 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 tells that the prices of the assets are going in the opposite trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and Bitcoin SegWit2X connection is positively strong, it means that when BTC is rising BT2 will rise as well. The negative strong relation will show that when BTC is rising BT2 price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Bitcoin SegWit2X. If we take all the aspects affecting the price of BT2 as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as news, events or crypto related laws.