Does Ubcoin depend on Bitcoin? Based on the correlation analysis, BTC and UBC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 means that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Ubcoin connection is positively strong, it means that when BTC is growing UBC will rise as well. The negative strong relation will tell that when BTC is rising UBC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ubcoin. If we take all the aspects affecting the price of UBC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, events or regulations.