Does HeavyCoin depend on Bitcoin? Based on the correlation analysis, BTC and HVC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and HeavyCoin connection is positively strong, it means that when BTC is growing HVC will grow as well. The negative strong relation will point that when BTC is growing HVC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over HeavyCoin. If we take all the circumstances affecting the price of HVC 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 factors, such as media, technological releases or crypto related laws.