Does Ionomy depend on Bitcoin? According to the correlation analysis, BTC and ION have a strong positive relationship. The correlation coefficient of their values is 0.59, which was computed based on the last 100-days' price dynamics of both currencies.
This coefficient may change 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 assets are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Ionomy connection is positively strong, it means that when BTC is growing ION will rise as well. The negative strong relation will tell that when BTC is rising ION value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Ionomy. If we take all the factors affecting the price of ION as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other aspects, such as media, events or crypto related laws.