Does Unitus depend on Bitcoin? According to the correlation analysis, BTC and UIS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations of both assets.
This coefficient may change 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 moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Unitus connection is positively strong, it means that when BTC is growing UIS will rise as well. The negative strong relation will show that when BTC is rising UIS price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Unitus. If we take all the things affecting the price of UIS 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 things, such as media, events or politics.