Does TwisterCoin depend on Bitcoin? Based on the correlation analysis, BTC and TWIST have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may adjust 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 going in the contrary trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and TwisterCoin connection is positively strong, it means that when BTC is growing TWIST will rise as well. The negative strong relation will point that when BTC is rising TWIST price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over TwisterCoin. If we take all the factors affecting the price of TWIST 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 crypto related laws.