Does Regalcoin depend on Bitcoin? Based on the correlation analysis, BTC and REC have a strong positive relationship. The correlation coefficient of their prices is 0.60, which was computed based on the last 100-days' price movements of both coins.
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 shows that the prices of the assets are moving in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Regalcoin connection is positively strong, it means that when BTC is rising REC will rise as well. The negative strong relation will indicate that when BTC is rising REC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Regalcoin. If we take all the aspects affecting the price of REC as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other things, such as media, events or regulations.