Does Tennet depend on Bitcoin? According to the correlation analysis, BTC and TENNET have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations 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 means that the prices of the coins are moving in the reversed direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Tennet connection is positively strong, it means that when BTC is rising TENNET will grow as well. The negative strong relation will indicate that when BTC is growing TENNET value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Tennet. If we take all the factors affecting the price of TENNET 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, technological releases or crypto related laws.