Does TravelChain depend on Bitcoin? Based on the correlation analysis, BTC and TT have no or negligible relationship. The correlation coefficient of their values is -0.01, which was computed based on the last 100-days' price dynamics of both assets.
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 assets are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and TravelChain connection is positively strong, it means that when BTC is growing TT will grow as well. The negative strong relation will tell that when BTC is growing TT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TravelChain. If we take all the circumstances affecting the price of TT as 100%, then the share of BTC price among these factors will be 0.01%. The other part which is 99.99% covers all the other aspects, such as media, technological releases or regulations.