Does TorCoin depend on Bitcoin? Based on the correlation analysis, BTC and TOR have no relationship. The correlation coefficient of their values is 0.00, which was estimated based on the last 100-days' price fluctuations 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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and TorCoin connection is positively strong, it means that when BTC is rising TOR will grow as well. The negative strong relation will show that when BTC is growing TOR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TorCoin. If we take all the aspects affecting the price of TOR as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as media, technological releases or regulations.