Does Titanium BAR depend on Bitcoin? Based on the correlation analysis, BTC and TBAR have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated 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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Titanium BAR connection is positively strong, it means that when BTC is growing TBAR will rise as well. The negative strong relation will point that when BTC is growing TBAR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Titanium BAR. If we take all the factors affecting the price of TBAR 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 circumstances, such as media, technological releases or crypto related laws.