Does TrickyCoin depend on Bitcoin? Based on the correlation analysis, BTC and TRICK have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics of both currencies.
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 direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and TrickyCoin connection is positively strong, it means that when BTC is growing TRICK will rise as well. The negative strong relation will show that when BTC is growing TRICK value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over TrickyCoin. If we take all the things affecting the price of TRICK as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as news, events or crypto related laws.