Does IceBergCoin depend on Bitcoin? Based on the correlation analysis, BTC and ICB have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both currencies.
This coefficient may adjust 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 contrary direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and IceBergCoin connection is positively strong, it means that when BTC is rising ICB will rise as well. The negative strong relation will indicate that when BTC is rising ICB value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over IceBergCoin. If we take all the circumstances affecting the price of ICB 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 aspects, such as news, events or politics.