Does Tokenbox depend on Bitcoin? Based on the correlation analysis, BTC and TBX have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the last 100-days' price fluctuations of both assets.
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 shows that the prices of the coins are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Tokenbox connection is positively strong, it means that when BTC is growing TBX will grow as well. The negative strong relation will tell that when BTC is growing TBX value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Tokenbox. If we take all the aspects affecting the price of TBX as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or crypto related laws.