Does BitHIRE depend on Bitcoin? According to the correlation analysis, BTC and HIRE* 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 fluctuations of both coins.
This coefficient may change 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 reversed direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and BitHIRE connection is positively strong, it means that when BTC is rising HIRE* will grow as well. The negative strong relation will point that when BTC is rising HIRE* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BitHIRE. If we take all the factors affecting the price of HIRE* 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 circumstances, such as media, events or regulations.