Does Incrementum depend on Bitcoin? Based on the correlation analysis, BTC and INC have a weak positive relationship. The correlation coefficient of their values is 0.27, which was calculated based on the previous 100-days' price fluctuations of both coins.
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 currencies are going in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Incrementum connection is positively strong, it means that when BTC is rising INC will rise as well. The negative strong relation will point that when BTC is rising INC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Incrementum. If we take all the circumstances affecting the price of INC as 100%, then the share of BTC price among these factors will be 7.29%. The other part which is 92.71% covers all the other aspects, such as media, events or politics.