Does Twelve Coin depend on Bitcoin? Based on the correlation analysis, BTC and TWLV 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 fluctuations 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 points that the prices of the assets are moving in the reversed direction while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and Twelve Coin connection is positively strong, it means that when BTC is growing TWLV will grow as well. The negative strong relation will indicate that when BTC is rising TWLV value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Twelve Coin. If we take all the factors affecting the price of TWLV 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 politics.