Does Impact depend on Bitcoin? According to the correlation analysis, BTC and IMX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
This coefficient may change 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 indicates that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Impact connection is positively strong, it means that when BTC is growing IMX will rise as well. The negative strong relation will indicate that when BTC is growing IMX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Impact. If we take all the factors affecting the price of IMX 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 factors, such as media, events or politics.