Does UnbreakableCoin depend on Bitcoin? Based on the correlation analysis, BTC and UNB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both assets.
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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and UnbreakableCoin connection is positively strong, it means that when BTC is growing UNB will rise as well. The negative strong relation will point that when BTC is growing UNB price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over UnbreakableCoin. If we take all the aspects affecting the price of UNB 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, technological releases or politics.