Does Triaconta depend on Bitcoin? According to the correlation analysis, BTC and TRIA have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the last 100-days' price movements of both currencies.
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 shows that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Triaconta connection is positively strong, it means that when BTC is growing TRIA will rise as well. The negative strong relation will show that when BTC is growing TRIA price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Triaconta. If we take all the things affecting the price of TRIA 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, events or politics.