Does Hedgecoin depend on Bitcoin? Based on the correlation analysis, BTC and HEDG have no relationship. The correlation coefficient of their prices is -0.00, which was estimated based on the last 100-days' price fluctuations of both assets.
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 shows that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Hedgecoin connection is positively strong, it means that when BTC is rising HEDG will rise as well. The negative strong relation will show that when BTC is rising HEDG price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Hedgecoin. If we take all the factors affecting the price of HEDG 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 factors, such as news, events or politics.