Does Halloween Coin depend on Bitcoin? According to the correlation analysis, BTC and HALLO have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may change 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 points that the prices of the assets are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Halloween Coin connection is positively strong, it means that when BTC is rising HALLO will rise as well. The negative strong relation will tell that when BTC is growing HALLO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Halloween Coin. If we take all the aspects affecting the price of HALLO as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as news, events or politics.