Does TruckCoin depend on Bitcoin? According to the correlation analysis, BTC and TRK have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was calculated based on the last 100-days' price dynamics of both currencies.
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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and TruckCoin connection is positively strong, it means that when BTC is rising TRK will rise as well. The negative strong relation will indicate that when BTC is growing TRK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TruckCoin. If we take all the factors affecting the price of TRK 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 aspects, such as media, events or regulations.