Does HappyCoin depend on Bitcoin? Based on the correlation analysis, BTC and HPC have a moderate positive relationship. The correlation coefficient of their values is 0.32, which was calculated based on the previous 100-days' price dynamics of both currencies.
This coefficient may range 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 currencies are going in the contrary direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and HappyCoin connection is positively strong, it means that when BTC is rising HPC will rise as well. The negative strong relation will point that when BTC is growing HPC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over HappyCoin. If we take all the things affecting the price of HPC as 100%, then the share of BTC price among these factors will be 10.24%. The other part which is 89.76% covers all the other aspects, such as media, technological releases or crypto related laws.