Does RiceCoin depend on Bitcoin? According to the correlation analysis, BTC and RICE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both currencies.
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 cryptocurrencies are moving in the contrary direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and RiceCoin connection is positively strong, it means that when BTC is rising RICE will rise as well. The negative strong relation will tell that when BTC is growing RICE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over RiceCoin. If we take all the circumstances affecting the price of RICE 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 media, events or crypto related laws.