Does Briacoin depend on Bitcoin? Based on the correlation analysis, BTC and BRIA have a strong positive relationship. The correlation coefficient of their values is 0.61, which was calculated based on the previous 100-days' price movements of both assets.
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 points that the prices of the currencies are going in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and Briacoin connection is positively strong, it means that when BTC is growing BRIA will rise as well. The negative strong relation will tell that when BTC is growing BRIA value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Briacoin. If we take all the aspects affecting the price of BRIA as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other factors, such as media, events or regulations.