Does Ribbit Rewards depend on Bitcoin? According to the correlation analysis, BTC and RBR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.
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 shows that the prices of the coins are going in the reversed direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Ribbit Rewards connection is positively strong, it means that when BTC is rising RBR will grow as well. The negative strong relation will indicate that when BTC is growing RBR price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Ribbit Rewards. If we take all the factors affecting the price of RBR 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 things, such as news, technological releases or politics.