Does CampusCoin depend on Bitcoin? Based on the correlation analysis, BTC and CMPCO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both cryptocurrencies.
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 moving in the opposite trend while the positive coefficient means that the prices are going in the same trend. For instance, if Bitcoin and CampusCoin connection is positively strong, it means that when BTC is rising CMPCO will rise as well. The negative strong relation will point that when BTC is rising CMPCO value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CampusCoin. If we take all the factors affecting the price of CMPCO 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 factors, such as news, technological releases or politics.