Does RingCoin depend on Bitcoin? Based on the correlation analysis, BTC and RING have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price fluctuations of both assets.
This coefficient may adjust 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 currencies are moving in the reversed trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and RingCoin connection is positively strong, it means that when BTC is growing RING will rise as well. The negative strong relation will indicate that when BTC is rising RING value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over RingCoin. If we take all the things affecting the price of RING as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as news, events or crypto related laws.