Does BrightCoin depend on Bitcoin? Based on the correlation analysis, BTC and BRC have a weak positive relationship. The correlation coefficient of their values is 0.24, which was estimated based on the last 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 cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and BrightCoin connection is positively strong, it means that when BTC is growing BRC will grow as well. The negative strong relation will point that when BTC is rising BRC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BrightCoin. If we take all the factors affecting the price of BRC as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other circumstances, such as news, events or politics.