Does Trigger depend on Bitcoin? According to the correlation analysis, BTC and TRIG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 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 coins are moving in the contrary trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Trigger connection is positively strong, it means that when BTC is rising TRIG will rise as well. The negative strong relation will indicate that when BTC is rising TRIG value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Trigger. If we take all the factors affecting the price of TRIG 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 factors, such as media, events or crypto related laws.