Does Time depend on Bitcoin? Based on the correlation analysis, BTC and TIME have a moderate positive relationship. The correlation coefficient of their prices is 0.30, which was measured based on the last 100-days' price dynamics of both currencies.
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 means that the prices of the coins are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Time connection is positively strong, it means that when BTC is rising TIME will grow as well. The negative strong relation will indicate that when BTC is growing TIME value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Time. If we take all the things affecting the price of TIME as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other factors, such as news, events or politics.