Does Blockchain Capital depend on Bitcoin? Based on the correlation analysis, BTC and BCAP have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured 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 means that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Blockchain Capital connection is positively strong, it means that when BTC is rising BCAP will grow as well. The negative strong relation will show that when BTC is growing BCAP price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Blockchain Capital. If we take all the things affecting the price of BCAP 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 aspects, such as news, technological releases or politics.