Does HOdlcoin depend on Bitcoin? According to the correlation analysis, BTC and HODL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both assets.
This coefficient may change 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 coins are moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and HOdlcoin connection is positively strong, it means that when BTC is rising HODL will grow as well. The negative strong relation will tell that when BTC is rising HODL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over HOdlcoin. If we take all the aspects affecting the price of HODL 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.