Does ReturnBit depend on Bitcoin? Based on the correlation analysis, BTC and RBIT have a very strong positive relationship. The correlation coefficient of their values is 0.79, 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 points that the prices of the assets are moving in the opposite direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and ReturnBit connection is positively strong, it means that when BTC is rising RBIT will grow as well. The negative strong relation will indicate that when BTC is growing RBIT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ReturnBit. If we take all the circumstances affecting the price of RBIT as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as news, events or crypto related laws.