Does TileCoin depend on Bitcoin? According to the correlation analysis, BTC and XTC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.
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 means that the prices of the currencies are going in the opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and TileCoin connection is positively strong, it means that when BTC is rising XTC will rise as well. The negative strong relation will indicate that when BTC is rising XTC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TileCoin. If we take all the things affecting the price of XTC 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 aspects, such as news, technological releases or regulations.