Does BitClave depend on Bitcoin? Based on the correlation analysis, BTC and CAT* have a very strong negative relationship. The correlation coefficient of their values is -0.85, which was estimated based on the last 100-days' price fluctuations 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 points that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and BitClave connection is positively strong, it means that when BTC is growing CAT* will grow as well. The negative strong relation will indicate that when BTC is rising CAT* price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitClave. If we take all the aspects affecting the price of CAT* as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other circumstances, such as media, technological releases or regulations.