Does BitRewards depend on Bitcoin? According to the correlation analysis, BTC and BIT have no or negligible relationship. The correlation coefficient of their prices is 0.15, which was estimated based on the last 100-days' price fluctuations of both currencies.
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 shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and BitRewards connection is positively strong, it means that when BTC is growing BIT will rise as well. The negative strong relation will indicate that when BTC is growing BIT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BitRewards. If we take all the circumstances affecting the price of BIT as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other factors, such as media, events or regulations.