Does IrishCoin depend on Bitcoin? According to the correlation analysis, BTC and IRL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements 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 tells that the prices of the coins are going in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and IrishCoin connection is positively strong, it means that when BTC is rising IRL will rise as well. The negative strong relation will point that when BTC is rising IRL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over IrishCoin. If we take all the aspects affecting the price of IRL 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 aspects, such as news, events or crypto related laws.