Does C-Bits depend on Bitcoin? According to the correlation analysis, BTC and XCT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both coins.
This coefficient may change 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 coins are going in the opposite direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and C-Bits connection is positively strong, it means that when BTC is growing XCT will grow as well. The negative strong relation will show that when BTC is rising XCT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over C-Bits. If we take all the circumstances affecting the price of XCT 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 crypto related laws.