Does Bitcomo depend on Bitcoin? Based on the correlation analysis, BTC and BM* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price dynamics 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 going in the contrary trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Bitcomo connection is positively strong, it means that when BTC is growing BM* will rise as well. The negative strong relation will indicate that when BTC is rising BM* value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bitcomo. If we take all the things affecting the price of BM* 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 factors, such as media, events or politics.