Does BitCurrency depend on Bitcoin? Based on the correlation analysis, BTC and BTCR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 shows that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and BitCurrency connection is positively strong, it means that when BTC is rising BTCR will grow as well. The negative strong relation will show that when BTC is growing BTCR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BitCurrency. If we take all the aspects affecting the price of BTCR 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 politics.