Does Universa depend on Bitcoin? Based on the correlation analysis, BTC and UTN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements 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 indicates that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and Universa connection is positively strong, it means that when BTC is growing UTN will grow as well. The negative strong relation will show that when BTC is growing UTN value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Universa. If we take all the things affecting the price of UTN 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 media, events or regulations.