Does TagCoin depend on Bitcoin? According to the correlation analysis, BTC and TAG have no or negligible relationship. The correlation coefficient of their prices is 0.04, which was estimated based on the last 100-days' price movements of both coins.
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 shows that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and TagCoin connection is positively strong, it means that when BTC is rising TAG will grow as well. The negative strong relation will point that when BTC is rising TAG value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TagCoin. If we take all the aspects affecting the price of TAG as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other aspects, such as media, events or politics.