Does Yuan Chain Coin depend on Bitcoin? Based on the correlation analysis, BTC and YCC have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was calculated based on the last 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 tells that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Yuan Chain Coin connection is positively strong, it means that when BTC is growing YCC will rise as well. The negative strong relation will indicate that when BTC is growing YCC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Yuan Chain Coin. If we take all the things affecting the price of YCC as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other aspects, such as news, events or regulations.