Does Huobi Pool Token depend on Bitcoin? According to the correlation analysis, BTC and HPT 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 coins.
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 direction while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and Huobi Pool Token connection is positively strong, it means that when BTC is rising HPT will grow as well. The negative strong relation will indicate that when BTC is rising HPT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Huobi Pool Token. If we take all the things affecting the price of HPT 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 media, technological releases or politics.