Does X-CASH depend on Bitcoin? Based on the correlation analysis, BTC and XCASH have a strong positive relationship. The correlation coefficient of their values is 0.58, which was computed based on the last 100-days' price movements of both coins.
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 points that the prices of the assets are moving in the opposite direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and X-CASH connection is positively strong, it means that when BTC is growing XCASH will grow as well. The negative strong relation will tell that when BTC is growing XCASH price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over X-CASH. If we take all the factors affecting the price of XCASH as 100%, then the share of BTC price among these factors will be 33.64%. The other part which is 66.36% covers all the other things, such as media, events or politics.