Does Camcoin depend on Bitcoin? According to the correlation analysis, BTC and CAM have a strong positive relationship. The correlation coefficient of their values is 0.49, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Camcoin connection is positively strong, it means that when BTC is growing CAM will grow as well. The negative strong relation will point that when BTC is rising CAM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Camcoin. If we take all the aspects affecting the price of CAM 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 politics.