Does Tracto depend on Bitcoin? According to the correlation analysis, BTC and TRCT have a very strong positive relationship. The correlation coefficient of their values is 0.78, which was measured based on the previous 100-days' price fluctuations of both assets.
This coefficient may change 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 coins are going in the reversed trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Tracto connection is positively strong, it means that when BTC is rising TRCT will rise as well. The negative strong relation will tell that when BTC is growing TRCT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Tracto. If we take all the things affecting the price of TRCT as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other aspects, such as media, technological releases or crypto related laws.