Does XcelTrip depend on Bitcoin? Based on the correlation analysis, BTC and XCEL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and XcelTrip connection is positively strong, it means that when BTC is rising XCEL will grow as well. The negative strong relation will point that when BTC is rising XCEL price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over XcelTrip. If we take all the circumstances affecting the price of XCEL 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 aspects, such as news, events or crypto related laws.