Does Refereum depend on Bitcoin? According to the correlation analysis, BTC and RFR have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the currencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Refereum connection is positively strong, it means that when BTC is growing RFR will grow as well. The negative strong relation will point that when BTC is growing RFR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Refereum. If we take all the circumstances affecting the price of RFR as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other circumstances, such as media, events or crypto related laws.