Does Timereum depend on Bitcoin? According to the correlation analysis, BTC and TME have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both assets.
This coefficient may vary 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 cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Timereum connection is positively strong, it means that when BTC is growing TME will rise as well. The negative strong relation will indicate that when BTC is rising TME value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Timereum. If we take all the aspects affecting the price of TME 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, events or regulations.