Does 1Credit depend on Bitcoin? Based on the correlation analysis, BTC and 1CR have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements of both cryptocurrencies.
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 assets are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and 1Credit connection is positively strong, it means that when BTC is rising 1CR will rise as well. The negative strong relation will tell that when BTC is rising 1CR value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over 1Credit. If we take all the circumstances affecting the price of 1CR 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 media, technological releases or politics.