Does Utility Coin depend on Bitcoin? According to the correlation analysis, BTC and UTIL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 tells that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Utility Coin connection is positively strong, it means that when BTC is growing UTIL will grow as well. The negative strong relation will tell that when BTC is rising UTIL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Utility Coin. If we take all the aspects affecting the price of UTIL 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 things, such as news, events or crypto related laws.