Does Ravelous depend on Bitcoin? Based on the correlation analysis, BTC and RAVE have a strong positive relationship. The correlation coefficient of their values is 0.68, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and Ravelous connection is positively strong, it means that when BTC is growing RAVE will rise as well. The negative strong relation will indicate that when BTC is growing RAVE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ravelous. If we take all the aspects affecting the price of RAVE as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as media, technological releases or regulations.