Does TurtleCoin depend on Bitcoin? According to the correlation analysis, BTC and TRTL have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was computed based on the last 100-days' price fluctuations of both coins.
This coefficient may change 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 assets are moving in the reversed direction while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and TurtleCoin connection is positively strong, it means that when BTC is growing TRTL will grow as well. The negative strong relation will indicate that when BTC is rising TRTL price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TurtleCoin. If we take all the circumstances affecting the price of TRTL as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other circumstances, such as media, technological releases or regulations.