Does BlockCAT depend on Bitcoin? Based on the correlation analysis, BTC and CAT have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was estimated 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 cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and BlockCAT connection is positively strong, it means that when BTC is rising CAT will rise as well. The negative strong relation will indicate that when BTC is rising CAT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BlockCAT. If we take all the aspects affecting the price of CAT as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, events or regulations.