Does Exenium depend on Bitcoin? According to the correlation analysis, BTC and XNT have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was estimated 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 shows that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Exenium connection is positively strong, it means that when BTC is growing XNT will rise as well. The negative strong relation will tell that when BTC is rising XNT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Exenium. If we take all the circumstances affecting the price of XNT as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other circumstances, such as media, events or regulations.