Does XenCoin depend on Bitcoin? Based on the correlation analysis, BTC and XNC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 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 moving in the contrary trend while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and XenCoin connection is positively strong, it means that when BTC is rising XNC will rise as well. The negative strong relation will show that when BTC is rising XNC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over XenCoin. If we take all the aspects affecting the price of XNC 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 media, events or crypto related laws.