Does HunterCoin depend on Bitcoin? According to the correlation analysis, BTC and HUC have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was computed based on the previous 100-days' price dynamics 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 assets are going in the contrary trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and HunterCoin connection is positively strong, it means that when BTC is rising HUC will rise as well. The negative strong relation will show that when BTC is rising HUC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over HunterCoin. If we take all the aspects affecting the price of HUC as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other factors, such as news, events or crypto related laws.