Does X2Coin depend on Bitcoin? According to the correlation analysis, BTC and X2 have no relationship. The correlation coefficient of their prices is 0.00, which was measured based on the previous 100-days' price dynamics of both coins.
This coefficient may vary 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 means that the prices of the coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and X2Coin connection is positively strong, it means that when BTC is growing X2 will grow as well. The negative strong relation will indicate that when BTC is growing X2 price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over X2Coin. If we take all the factors affecting the price of X2 as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, events or politics.