Does UnlimitedIP depend on Bitcoin? Based on the correlation analysis, BTC and UIP have no or negligible relationship. The correlation coefficient of their values is 0.15, which was measured based on the last 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 coins are moving in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and UnlimitedIP connection is positively strong, it means that when BTC is rising UIP will grow as well. The negative strong relation will indicate that when BTC is growing UIP value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over UnlimitedIP. If we take all the things affecting the price of UIP as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other aspects, such as media, technological releases or crypto related laws.