Does BitcoinTX depend on Bitcoin? Based on the correlation analysis, BTC and BTX* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 coins are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and BitcoinTX connection is positively strong, it means that when BTC is rising BTX* will rise as well. The negative strong relation will show that when BTC is growing BTX* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitcoinTX. If we take all the things affecting the price of BTX* 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 aspects, such as media, events or regulations.