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RootCoin (ROOT)

Correlation

0.91

Influence

82.81%

Bitcoin and RootCoin Correlation

Does RootCoin depend on Bitcoin? Based on the correlation analysis, BTC and ROOT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both currencies.

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 cryptocurrencies are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and RootCoin connection is positively strong, it means that when BTC is rising ROOT will grow as well. The negative strong relation will indicate that when BTC is rising ROOT value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over RootCoin. If we take all the circumstances affecting the price of ROOT 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 media, events or crypto related laws.