Does Bodhi depend on Bitcoin? Based on the correlation analysis, BTC and BOT have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may range 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 moving in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Bodhi connection is positively strong, it means that when BTC is growing BOT will grow as well. The negative strong relation will indicate that when BTC is growing BOT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Bodhi. If we take all the aspects affecting the price of BOT as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other circumstances, such as news, events or politics.