Does Callisto Network depend on Bitcoin? According to the correlation analysis, BTC and CLO have a very strong positive relationship. The correlation coefficient of their prices is 0.70, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Callisto Network connection is positively strong, it means that when BTC is rising CLO will rise as well. The negative strong relation will indicate that when BTC is growing CLO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Callisto Network. If we take all the aspects affecting the price of CLO as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other aspects, such as news, technological releases or politics.