Does TakCoin depend on Bitcoin? Based on the correlation analysis, BTC and TAK have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price fluctuations of both currencies.
This coefficient may range 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 assets are going in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and TakCoin connection is positively strong, it means that when BTC is growing TAK will grow as well. The negative strong relation will indicate that when BTC is rising TAK value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over TakCoin. If we take all the aspects affecting the price of TAK 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 things, such as news, events or regulations.