Does Ink depend on Bitcoin? According to the correlation analysis, BTC and INK have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was measured based on the previous 100-days' price dynamics of both currencies.
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 shows that the prices of the coins are going in the contrary direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Ink connection is positively strong, it means that when BTC is growing INK will rise as well. The negative strong relation will point that when BTC is growing INK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ink. If we take all the factors affecting the price of INK as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other aspects, such as media, events or crypto related laws.