Does ChainLink depend on Bitcoin? Based on the correlation analysis, BTC and LINK have no or negligible relationship. The correlation coefficient of their prices is -0.16, which was estimated based on the previous 100-days' price dynamics of both assets.
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 indicates that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and ChainLink connection is positively strong, it means that when BTC is growing LINK will rise as well. The negative strong relation will show that when BTC is growing LINK price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ChainLink. If we take all the factors affecting the price of LINK as 100%, then the share of BTC price among these factors will be 2.56%. The other part which is 97.44% covers all the other aspects, such as media, events or crypto related laws.