Does Republic Token depend on Bitcoin? According to the correlation analysis, BTC and REN have a strong positive relationship. The correlation coefficient of their values is 0.63, which was estimated based on the last 100-days' price movements of both assets.
This coefficient may change 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 cryptocurrencies are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Republic Token connection is positively strong, it means that when BTC is growing REN will grow as well. The negative strong relation will indicate that when BTC is rising REN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Republic Token. If we take all the things affecting the price of REN as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other aspects, such as media, events or regulations.