Does Universal Currency depend on Bitcoin? Based on the correlation analysis, BTC and UNIT have a very strong positive relationship. The correlation coefficient of their values is 0.87, which was computed based on the previous 100-days' price fluctuations of both assets.
This coefficient may range 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 assets are going in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Universal Currency connection is positively strong, it means that when BTC is growing UNIT will rise as well. The negative strong relation will point that when BTC is rising UNIT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Universal Currency. If we take all the things affecting the price of UNIT as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other things, such as news, events or regulations.