Does BitRent depend on Bitcoin? Based on the correlation analysis, BTC and RNTB have no or negligible relationship. The correlation coefficient of their prices is 0.07, which was computed based on the previous 100-days' price movements of both currencies.
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 means that the prices of the assets are going in the opposite direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and BitRent connection is positively strong, it means that when BTC is growing RNTB will grow as well. The negative strong relation will show that when BTC is growing RNTB price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitRent. If we take all the factors affecting the price of RNTB as 100%, then the share of BTC price among these factors will be 0.49%. The other part which is 99.51% covers all the other aspects, such as news, events or regulations.