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CannaCoin (CCN)

Correlation

0.91

Influence

82.81%

Bitcoin and CannaCoin Correlation

Does CannaCoin depend on Bitcoin? According to the correlation analysis, BTC and CCN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price fluctuations of both currencies.

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 tells that the prices of the assets are going in the reversed direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and CannaCoin connection is positively strong, it means that when BTC is growing CCN will rise as well. The negative strong relation will indicate that when BTC is rising CCN price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CannaCoin. If we take all the factors affecting the price of CCN 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 regulations.