Does RipaEx depend on Bitcoin? According to the correlation analysis, BTC and RIPAX have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was estimated based on the last 100-days' price movements of both assets.
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 means that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and RipaEx connection is positively strong, it means that when BTC is rising RIPAX will grow as well. The negative strong relation will tell that when BTC is rising RIPAX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over RipaEx. If we take all the factors affecting the price of RIPAX as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other circumstances, such as media, technological releases or crypto related laws.