Does CaliphCoin depend on Bitcoin? Based on the correlation analysis, BTC and CALC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both currencies.
This coefficient may range 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 indicates that the prices of the currencies are going in the reversed direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and CaliphCoin connection is positively strong, it means that when BTC is rising CALC will grow as well. The negative strong relation will show that when BTC is rising CALC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CaliphCoin. If we take all the factors affecting the price of CALC 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, events or crypto related laws.