Does Blocktrade token depend on Bitcoin? Based on the correlation analysis, BTC and BTT have a very strong positive relationship. The correlation coefficient of their prices is 0.71, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.
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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Blocktrade token connection is positively strong, it means that when BTC is rising BTT will grow as well. The negative strong relation will show that when BTC is growing BTT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Blocktrade token. If we take all the aspects affecting the price of BTT as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as media, events or regulations.