Does Ripio depend on Bitcoin? According to the correlation analysis, BTC and RCN have a very strong negative relationship. The correlation coefficient of their values is -0.82, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Ripio connection is positively strong, it means that when BTC is rising RCN will grow as well. The negative strong relation will point that when BTC is rising RCN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Ripio. If we take all the factors affecting the price of RCN as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other circumstances, such as media, technological releases or crypto related laws.