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Rimbit (RBT)

Correlation

0.91

Influence

82.81%

Bitcoin and Rimbit Correlation

Does Rimbit depend on Bitcoin? Based on the correlation analysis, BTC and RBT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both assets.

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 means that the prices of the coins are moving in the reversed trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Rimbit connection is positively strong, it means that when BTC is growing RBT will rise as well. The negative strong relation will tell that when BTC is growing RBT value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Rimbit. If we take all the factors affecting the price of RBT 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 circumstances, such as news, events or crypto related laws.