Does IXcoin depend on Bitcoin? According to the correlation analysis, BTC and IXC have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 means that the prices of the currencies are going in the contrary trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and IXcoin connection is positively strong, it means that when BTC is growing IXC will grow as well. The negative strong relation will indicate that when BTC is rising IXC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over IXcoin. If we take all the circumstances affecting the price of IXC as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as news, technological releases or crypto related laws.