Does IndiCoin depend on Bitcoin? According to the correlation analysis, BTC and INDI have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the assets are moving in the contrary trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and IndiCoin connection is positively strong, it means that when BTC is growing INDI will rise as well. The negative strong relation will show that when BTC is growing INDI value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over IndiCoin. If we take all the things affecting the price of INDI as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, technological releases or politics.