Does Timicoin depend on Bitcoin? Based on the correlation analysis, BTC and TIMI have no or negligible relationship. The correlation coefficient of their values is 0.03, which was calculated based on the last 100-days' price movements of both coins.
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 indicates that the prices of the currencies are moving in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Timicoin connection is positively strong, it means that when BTC is rising TIMI will grow as well. The negative strong relation will indicate that when BTC is growing TIMI price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Timicoin. If we take all the things affecting the price of TIMI as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other factors, such as media, events or crypto related laws.