Does Bytom depend on Bitcoin? Based on the correlation analysis, BTC and BTM* have a strong positive relationship. The correlation coefficient of their values is 0.48, which was computed based on the last 100-days' price fluctuations 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 tells that the prices of the assets are moving in the reversed trend while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and Bytom connection is positively strong, it means that when BTC is rising BTM* will rise as well. The negative strong relation will tell that when BTC is rising BTM* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bytom. If we take all the factors affecting the price of BTM* as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other factors, such as news, technological releases or regulations.