Does Iconic depend on Bitcoin? Based on the correlation analysis, BTC and ICON have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations 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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Iconic connection is positively strong, it means that when BTC is growing ICON will rise as well. The negative strong relation will tell that when BTC is growing ICON value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Iconic. If we take all the things affecting the price of ICON 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 crypto related laws.