Does ICOBox depend on Bitcoin? Based on the correlation analysis, BTC and ICOS have a strong positive relationship. The correlation coefficient of their values is 0.47, which was computed based on the last 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 tells that the prices of the assets are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and ICOBox connection is positively strong, it means that when BTC is growing ICOS will grow as well. The negative strong relation will show that when BTC is growing ICOS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ICOBox. If we take all the aspects affecting the price of ICOS as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as news, events or politics.