Does InsurChain Coin depend on Bitcoin? Based on the correlation analysis, BTC and INSUR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 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 shows that the prices of the coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and InsurChain Coin connection is positively strong, it means that when BTC is rising INSUR will grow as well. The negative strong relation will tell that when BTC is growing INSUR value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over InsurChain Coin. If we take all the factors affecting the price of INSUR as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, events or crypto related laws.