Does UniBright depend on Bitcoin? Based on the correlation analysis, BTC and UBT have a strong positive relationship. The correlation coefficient of their prices is 0.64, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 contrary trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and UniBright connection is positively strong, it means that when BTC is rising UBT will grow as well. The negative strong relation will indicate that when BTC is growing UBT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over UniBright. If we take all the factors affecting the price of UBT as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other aspects, such as news, events or politics.