Does UC Coin depend on Bitcoin? Based on the correlation analysis, BTC and UCN have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price movements of both currencies.
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 indicates that the prices of the assets are going in the opposite direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and UC Coin connection is positively strong, it means that when BTC is rising UCN will rise as well. The negative strong relation will indicate that when BTC is rising UCN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over UC Coin. If we take all the things affecting the price of UCN 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 things, such as news, technological releases or regulations.