Does BrickBlock depend on Bitcoin? Based on the correlation analysis, BTC and BBK* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both assets.
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 points that the prices of the coins are going in the opposite trend while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and BrickBlock connection is positively strong, it means that when BTC is growing BBK* will grow as well. The negative strong relation will point that when BTC is rising BBK* price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BrickBlock. If we take all the circumstances affecting the price of BBK* as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or regulations.