Does Hubiit depend on Bitcoin? Based on the correlation analysis, BTC and HBT have no or negligible relationship. The correlation coefficient of their prices is -0.01, which was estimated based on the previous 100-days' price fluctuations 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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Hubiit connection is positively strong, it means that when BTC is rising HBT will rise as well. The negative strong relation will show that when BTC is growing HBT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Hubiit. If we take all the factors affecting the price of HBT as 100%, then the share of BTC price among these factors will be 0.01%. The other part which is 99.99% covers all the other things, such as news, events or politics.