Does UCOT depend on Bitcoin? Based on the correlation analysis, BTC and UCT have a very strong positive relationship. The correlation coefficient of their prices is 0.76, 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 means that the prices of the assets are going in the opposite direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and UCOT connection is positively strong, it means that when BTC is growing UCT will rise as well. The negative strong relation will show that when BTC is rising UCT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over UCOT. If we take all the aspects affecting the price of UCT as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other factors, such as media, technological releases or politics.