Does Unify depend on Bitcoin? Based on the correlation analysis, BTC and UNIFY have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was estimated based on the last 100-days' price fluctuations of both coins.
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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Unify connection is positively strong, it means that when BTC is growing UNIFY will rise as well. The negative strong relation will indicate that when BTC is growing UNIFY value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Unify. If we take all the aspects affecting the price of UNIFY as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, technological releases or crypto related laws.