Does Tierion depend on Bitcoin? According to the correlation analysis, BTC and TNT have a very strong negative relationship. The correlation coefficient of their values is -0.72, which was measured based on the last 100-days' price dynamics of both assets.
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 tells that the prices of the coins are moving in the contrary trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Tierion connection is positively strong, it means that when BTC is rising TNT will rise as well. The negative strong relation will point that when BTC is growing TNT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Tierion. If we take all the factors affecting the price of TNT as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other circumstances, such as media, events or regulations.