Does ExtremeCoin depend on Bitcoin? Based on the correlation analysis, BTC and XT have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was measured based on the previous 100-days' price fluctuations 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 means that the prices of the coins are going in the reversed direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and ExtremeCoin connection is positively strong, it means that when BTC is growing XT will grow as well. The negative strong relation will tell that when BTC is growing XT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ExtremeCoin. If we take all the aspects affecting the price of XT as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other factors, such as media, events or politics.