Does Hydrominer depend on Bitcoin? Based on the correlation analysis, BTC and H2O have no or negligible relationship. The correlation coefficient of their values is 0.08, which was calculated based on the last 100-days' price movements 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 tells that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Hydrominer connection is positively strong, it means that when BTC is rising H2O will rise as well. The negative strong relation will point that when BTC is rising H2O value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Hydrominer. If we take all the aspects affecting the price of H2O as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other circumstances, such as news, events or regulations.