Does Hydrogen depend on Bitcoin? Based on the correlation analysis, BTC and HYDRO have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was measured based on the previous 100-days' price dynamics 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 means that the prices of the coins are going in the contrary direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and Hydrogen connection is positively strong, it means that when BTC is rising HYDRO will grow as well. The negative strong relation will tell that when BTC is rising HYDRO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Hydrogen. If we take all the aspects affecting the price of HYDRO as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other factors, such as news, technological releases or regulations.