Does XinFin Coin depend on Bitcoin? According to the correlation analysis, BTC and XDCE have a strong negative relationship. The correlation coefficient of their prices is -0.59, which was estimated based on the previous 100-days' price movements of both currencies.
This coefficient may change 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 shows that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and XinFin Coin connection is positively strong, it means that when BTC is growing XDCE will grow as well. The negative strong relation will point that when BTC is rising XDCE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over XinFin Coin. If we take all the factors affecting the price of XDCE as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other circumstances, such as news, events or crypto related laws.