Does UniversalRoyalCoin depend on Bitcoin? According to the correlation analysis, BTC and UNRC have a strong positive relationship. The correlation coefficient of their prices is 0.56, which was measured based on the last 100-days' price dynamics 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 shows that the prices of the coins are moving in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and UniversalRoyalCoin connection is positively strong, it means that when BTC is growing UNRC will rise as well. The negative strong relation will point that when BTC is rising UNRC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over UniversalRoyalCoin. If we take all the circumstances affecting the price of UNRC as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other things, such as media, events or crypto related laws.