Does RiptoBuX depend on Bitcoin? Based on the correlation analysis, BTC and RBX have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 shows that the prices of the coins are going in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and RiptoBuX connection is positively strong, it means that when BTC is rising RBX will grow as well. The negative strong relation will point that when BTC is rising RBX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over RiptoBuX. If we take all the circumstances affecting the price of RBX as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other things, such as media, events or regulations.