Does BitNewChain depend on Bitcoin? Based on the correlation analysis, BTC and BTN have no or negligible relationship. The correlation coefficient of their values is 0.05, which was measured based on the last 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 moving in the contrary trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and BitNewChain connection is positively strong, it means that when BTC is growing BTN will rise as well. The negative strong relation will indicate that when BTC is rising BTN price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BitNewChain. If we take all the circumstances affecting the price of BTN as 100%, then the share of BTC price among these factors will be 0.25%. The other part which is 99.75% covers all the other circumstances, such as media, technological releases or crypto related laws.