Does Bither depend on Bitcoin? Based on the correlation analysis, BTC and BTR have no or negligible relationship. The correlation coefficient of their prices is 0.12, which was computed 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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Bither connection is positively strong, it means that when BTC is rising BTR will grow as well. The negative strong relation will point that when BTC is growing BTR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Bither. If we take all the circumstances affecting the price of BTR as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other circumstances, such as news, technological releases or crypto related laws.