Does InMax depend on Bitcoin? Based on the correlation analysis, BTC and INX have no or negligible relationship. The correlation coefficient of their values is -0.15, which was calculated based on the previous 100-days' price fluctuations 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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and InMax connection is positively strong, it means that when BTC is rising INX will rise as well. The negative strong relation will indicate that when BTC is growing INX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over InMax. If we take all the things affecting the price of INX as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other aspects, such as news, events or regulations.