Does Relex depend on Bitcoin? According to the correlation analysis, BTC and RLX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both assets.
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 means that the prices of the assets are moving in the contrary trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Relex connection is positively strong, it means that when BTC is growing RLX will grow as well. The negative strong relation will show that when BTC is growing RLX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Relex. If we take all the aspects affecting the price of RLX 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 news, events or regulations.