Does Jibrel Network Token depend on Bitcoin? Based on the correlation analysis, BTC and JNT have a strong positive relationship. The correlation coefficient of their prices is 0.41, which was estimated based on the previous 100-days' price dynamics 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 indicates that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Jibrel Network Token connection is positively strong, it means that when BTC is rising JNT will grow as well. The negative strong relation will tell that when BTC is growing JNT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Jibrel Network Token. If we take all the factors affecting the price of JNT as 100%, then the share of BTC price among these factors will be 16.81%. The other part which is 83.19% covers all the other things, such as media, events or crypto related laws.