Does President Trump depend on Bitcoin? Based on the correlation analysis, BTC and PRES have a very strong positive relationship. The correlation coefficient of their values is 0.76, which was measured based on the last 100-days' price dynamics of both assets.
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 points that the prices of the coins are moving in the contrary trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and President Trump connection is positively strong, it means that when BTC is rising PRES will grow as well. The negative strong relation will show that when BTC is growing PRES price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over President Trump. If we take all the aspects affecting the price of PRES as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other factors, such as media, events or politics.