Does Rubies depend on Bitcoin? According to the correlation analysis, BTC and RBIES have a very strong positive relationship. The correlation coefficient of their values is 0.79, which was measured based on the last 100-days' price fluctuations 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 tells that the prices of the coins are moving in the reversed trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Rubies connection is positively strong, it means that when BTC is rising RBIES will rise as well. The negative strong relation will indicate that when BTC is rising RBIES price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Rubies. If we take all the factors affecting the price of RBIES as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as media, events or politics.