Does X11 Coin depend on Bitcoin? Based on the correlation analysis, BTC and XC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both coins.
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 contrary direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and X11 Coin connection is positively strong, it means that when BTC is growing XC will rise as well. The negative strong relation will show that when BTC is growing XC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over X11 Coin. If we take all the factors affecting the price of XC 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 circumstances, such as media, events or crypto related laws.