Does iEx.ec depend on Bitcoin? According to the correlation analysis, BTC and RLC have a weak negative relationship. The correlation coefficient of their prices is -0.21, which was estimated based on the last 100-days' price movements of both assets.
This coefficient may vary 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 cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and iEx.ec connection is positively strong, it means that when BTC is growing RLC will rise as well. The negative strong relation will point that when BTC is rising RLC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over iEx.ec. If we take all the factors affecting the price of RLC as 100%, then the share of BTC price among these factors will be 4.41%. The other part which is 95.59% covers all the other things, such as media, events or regulations.