Does BritCoin depend on Bitcoin? Based on the correlation analysis, BTC and BRIT have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 assets are moving in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and BritCoin connection is positively strong, it means that when BTC is rising BRIT will grow as well. The negative strong relation will show that when BTC is growing BRIT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BritCoin. If we take all the factors affecting the price of BRIT 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 circumstances, such as news, events or politics.