Does TeslaCoilCoin depend on Bitcoin? Based on the correlation analysis, BTC and TESLA have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both assets.
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 indicates that the prices of the assets are going in the contrary trend while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and TeslaCoilCoin connection is positively strong, it means that when BTC is growing TESLA will grow as well. The negative strong relation will tell that when BTC is growing TESLA value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over TeslaCoilCoin. If we take all the factors affecting the price of TESLA 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 politics.