Bitcoin and REMME Correlation

Does REMME depend on Bitcoin? According to the correlation analysis, BTC and REM have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was calculated based on the last 100-days' price dynamics of both coins.

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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and REMME connection is positively strong, it means that when BTC is growing REM will grow as well. The negative strong relation will show that when BTC is growing REM price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over REMME. If we take all the factors affecting the price of REM as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other things, such as news, events or politics.