Does Hero depend on Bitcoin? Based on the correlation analysis, BTC and HERO have no or negligible relationship. The correlation coefficient of their prices is 0.04, 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 means that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Hero connection is positively strong, it means that when BTC is growing HERO will grow as well. The negative strong relation will indicate that when BTC is growing HERO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Hero. If we take all the factors affecting the price of HERO as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other things, such as news, technological releases or regulations.