Does BlackholeCoin depend on Bitcoin? According to the correlation analysis, BTC and BHC* have no or negligible relationship. The correlation coefficient of their values is 0.11, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the coins are moving in the reversed trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and BlackholeCoin connection is positively strong, it means that when BTC is rising BHC* will grow as well. The negative strong relation will show that when BTC is growing BHC* price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BlackholeCoin. If we take all the factors affecting the price of BHC* as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other aspects, such as news, technological releases or regulations.