Does ByteCoin depend on Bitcoin? According to the correlation analysis, BTC and BCN have a very strong positive relationship. The correlation coefficient of their prices is 0.78, which was computed based on the previous 100-days' price fluctuations of both assets.
This coefficient may change 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 shows that the prices of the assets are going in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and ByteCoin connection is positively strong, it means that when BTC is rising BCN will rise as well. The negative strong relation will tell that when BTC is growing BCN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ByteCoin. If we take all the circumstances affecting the price of BCN as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other things, such as news, technological releases or politics.