Does Triangles Coin depend on Bitcoin? According to the correlation analysis, BTC and TRI have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was computed based on the previous 100-days' price dynamics of both assets.
This coefficient may vary 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 means that the prices of the assets are going in the contrary trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Triangles Coin connection is positively strong, it means that when BTC is rising TRI will rise as well. The negative strong relation will tell that when BTC is rising TRI price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Triangles Coin. If we take all the factors affecting the price of TRI as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as news, events or politics.