Does BlockMason Credit Protocol depend on Bitcoin? According to the correlation analysis, BTC and BCPT have a strong positive relationship. The correlation coefficient of their prices is 0.49, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may vary 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 shows that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and BlockMason Credit Protocol connection is positively strong, it means that when BTC is rising BCPT will rise as well. The negative strong relation will show that when BTC is growing BCPT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BlockMason Credit Protocol. If we take all the aspects affecting the price of BCPT as 100%, then the share of BTC price among these factors will be 24.01%. The other part which is 75.99% covers all the other things, such as news, events or crypto related laws.