Does BitTokens depend on Bitcoin? Based on the correlation analysis, BTC and BXT 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 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 moving in the contrary direction while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and BitTokens connection is positively strong, it means that when BTC is rising BXT will grow as well. The negative strong relation will point that when BTC is rising BXT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitTokens. If we take all the factors affecting the price of BXT 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 aspects, such as news, technological releases or crypto related laws.