Does Talenthon depend on Bitcoin? Based on the correlation analysis, BTC and TCOIN have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price movements 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 means that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Talenthon connection is positively strong, it means that when BTC is rising TCOIN will rise as well. The negative strong relation will tell that when BTC is rising TCOIN value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Talenthon. If we take all the circumstances affecting the price of TCOIN 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 media, events or regulations.