Does TamaGucci depend on Bitcoin? According to the correlation analysis, BTC and TAM have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may vary 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 points that the prices are going in the identical trend. For example, if Bitcoin and TamaGucci connection is positively strong, it means that when BTC is growing TAM will rise as well. The negative strong relation will point that when BTC is rising TAM value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TamaGucci. If we take all the circumstances affecting the price of TAM 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 factors, such as media, technological releases or regulations.