Does YAYcoin depend on Bitcoin? Based on the correlation analysis, BTC and YAY have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.
This coefficient may adjust 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 trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and YAYcoin connection is positively strong, it means that when BTC is growing YAY will rise as well. The negative strong relation will point that when BTC is rising YAY value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over YAYcoin. If we take all the circumstances affecting the price of YAY 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 news, events or crypto related laws.