Does U Network depend on Bitcoin? According to the correlation analysis, BTC and UUU have a strong positive relationship. The correlation coefficient of their values is 0.46, which was calculated based on the last 100-days' price dynamics 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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and U Network connection is positively strong, it means that when BTC is growing UUU will rise as well. The negative strong relation will point that when BTC is growing UUU value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over U Network. If we take all the things affecting the price of UUU as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as news, events or regulations.