Does ExeCoin depend on Bitcoin? Based on the correlation analysis, BTC and EXE 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 dynamics of both coins.
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 assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and ExeCoin connection is positively strong, it means that when BTC is growing EXE will rise as well. The negative strong relation will show that when BTC is rising EXE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ExeCoin. If we take all the things affecting the price of EXE 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 things, such as media, events or politics.