Does UpToken depend on Bitcoin? Based on the correlation analysis, BTC and UP have a strong positive relationship. The correlation coefficient of their values is 0.48, which was calculated based on the last 100-days' price fluctuations of both assets.
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 reversed trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and UpToken connection is positively strong, it means that when BTC is growing UP will rise as well. The negative strong relation will point that when BTC is growing UP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over UpToken. If we take all the things affecting the price of UP as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other things, such as media, events or regulations.