Does Influxcoin depend on Bitcoin? Based on the correlation analysis, BTC and INFX have a weak positive relationship. The correlation coefficient of their values is 0.26, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
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 opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Influxcoin connection is positively strong, it means that when BTC is rising INFX will grow as well. The negative strong relation will tell that when BTC is growing INFX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Influxcoin. If we take all the factors affecting the price of INFX as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other factors, such as media, events or regulations.