Does Telegram Open Network depend on Bitcoin? Based on the correlation analysis, BTC and GRAM have no or negligible relationship. The correlation coefficient of their prices is 0.07, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.
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 assets are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Telegram Open Network connection is positively strong, it means that when BTC is growing GRAM will grow as well. The negative strong relation will show that when BTC is growing GRAM price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Telegram Open Network. If we take all the factors affecting the price of GRAM as 100%, then the share of BTC price among these factors will be 0.49%. The other part which is 99.51% covers all the other circumstances, such as news, events or politics.