Does HiCoin depend on Bitcoin? Based on the correlation analysis, BTC and XHI have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price movements of both coins.
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 points that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and HiCoin connection is positively strong, it means that when BTC is rising XHI will rise as well. The negative strong relation will show that when BTC is rising XHI value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over HiCoin. If we take all the things affecting the price of XHI 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, technological releases or regulations.