Does Italian Lira depend on Bitcoin? According to the correlation analysis, BTC and ITL have a moderate positive relationship. The correlation coefficient of their prices is 0.33, which was calculated based on the last 100-days' price fluctuations of both coins.
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 shows that the prices of the currencies are moving in the reversed direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Italian Lira connection is positively strong, it means that when BTC is rising ITL will grow as well. The negative strong relation will point that when BTC is rising ITL price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Italian Lira. If we take all the things affecting the price of ITL as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other factors, such as media, technological releases or crypto related laws.