Does BtcEX depend on Bitcoin? Based on the correlation analysis, BTC and BXC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and BtcEX connection is positively strong, it means that when BTC is rising BXC will rise as well. The negative strong relation will show that when BTC is rising BXC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BtcEX. If we take all the circumstances affecting the price of BXC 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 circumstances, such as news, events or politics.