Does SocialXbotCoin depend on Bitcoin? Based on the correlation analysis, BTC and XBOT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both coins.
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 indicates that the prices of the coins are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and SocialXbotCoin connection is positively strong, it means that when BTC is growing XBOT will rise as well. The negative strong relation will point that when BTC is rising XBOT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SocialXbotCoin. If we take all the things affecting the price of XBOT 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 aspects, such as news, events or politics.