Does ThankYou depend on Bitcoin? Based on the correlation analysis, BTC and THNX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may range 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 going in the opposite direction while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and ThankYou connection is positively strong, it means that when BTC is rising THNX will rise as well. The negative strong relation will show that when BTC is rising THNX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ThankYou. If we take all the aspects affecting the price of THNX 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 news, technological releases or politics.