Does JiffyCoin depend on Bitcoin? Based on the correlation analysis, BTC and JIF have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price dynamics of both currencies.
This coefficient may range 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 moving in the contrary direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and JiffyCoin connection is positively strong, it means that when BTC is rising JIF will rise as well. The negative strong relation will show that when BTC is rising JIF price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over JiffyCoin. If we take all the things affecting the price of JIF 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 things, such as media, technological releases or regulations.