Does Bitradio depend on Bitcoin? According to the correlation analysis, BTC and BRO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may vary 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 shows that the prices are going in the same direction. For example, if Bitcoin and Bitradio connection is positively strong, it means that when BTC is growing BRO will grow as well. The negative strong relation will point that when BTC is rising BRO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitradio. If we take all the circumstances affecting the price of BRO 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, technological releases or crypto related laws.