Does RAcoin depend on Bitcoin? According to the correlation analysis, BTC and RAC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both currencies.
This coefficient may vary 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 cryptocurrencies are moving in the reversed direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and RAcoin connection is positively strong, it means that when BTC is rising RAC will grow as well. The negative strong relation will indicate that when BTC is rising RAC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over RAcoin. If we take all the things affecting the price of RAC 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 circumstances, such as media, events or regulations.