Does BonesCoin depend on Bitcoin? According to the correlation analysis, BTC and BON have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price fluctuations of both assets.
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 moving in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and BonesCoin connection is positively strong, it means that when BTC is growing BON will grow as well. The negative strong relation will tell that when BTC is growing BON price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BonesCoin. If we take all the factors affecting the price of BON as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as news, events or regulations.