Does Hawala.Today depend on Bitcoin? According to the correlation analysis, BTC and HAT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price fluctuations of both assets.
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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and Hawala.Today connection is positively strong, it means that when BTC is growing HAT will rise as well. The negative strong relation will indicate that when BTC is growing HAT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Hawala.Today. If we take all the aspects affecting the price of HAT 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 circumstances, such as news, events or regulations.