Does Tetra depend on Bitcoin? According to the correlation analysis, BTC and TRA have a strong positive relationship. The correlation coefficient of their values is 0.43, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may change 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 points that the prices of the coins are going in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Tetra connection is positively strong, it means that when BTC is rising TRA will rise as well. The negative strong relation will point that when BTC is rising TRA value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Tetra. If we take all the things affecting the price of TRA as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other aspects, such as media, events or crypto related laws.