Does Tripio depend on Bitcoin? According to the correlation analysis, BTC and TRIO have a strong positive relationship. The correlation coefficient of their prices is 0.60, which was estimated based on the last 100-days' price movements of both coins.
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 indicates that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and Tripio connection is positively strong, it means that when BTC is growing TRIO will grow as well. The negative strong relation will indicate that when BTC is growing TRIO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Tripio. If we take all the factors affecting the price of TRIO as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other things, such as media, events or regulations.