Does BolttCoin depend on Bitcoin? According to the correlation analysis, BTC and BOLTT have no or negligible relationship. The correlation coefficient of their prices is -0.13, which was calculated based on the previous 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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and BolttCoin connection is positively strong, it means that when BTC is rising BOLTT will rise as well. The negative strong relation will point that when BTC is rising BOLTT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BolttCoin. If we take all the factors affecting the price of BOLTT as 100%, then the share of BTC price among these factors will be 1.69%. The other part which is 98.31% covers all the other factors, such as media, events or regulations.