Does ByteCent depend on Bitcoin? According to the correlation analysis, BTC and BYC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may vary 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 means that the prices of the assets are going in the reversed trend while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and ByteCent connection is positively strong, it means that when BTC is growing BYC will grow as well. The negative strong relation will point that when BTC is growing BYC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ByteCent. If we take all the aspects affecting the price of BYC 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 media, events or politics.