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CanonChain (CZR)

Correlation

-0.12

Influence

1.44%

Bitcoin and CanonChain Correlation

Does CanonChain depend on Bitcoin? Based on the correlation analysis, BTC and CZR have no or negligible relationship. The correlation coefficient of their prices is -0.12, which was calculated based on the previous 100-days' price movements of both coins.

This coefficient may adjust 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 means that the prices of the currencies are going in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and CanonChain connection is positively strong, it means that when BTC is growing CZR will rise as well. The negative strong relation will point that when BTC is growing CZR value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CanonChain. If we take all the circumstances affecting the price of CZR as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other factors, such as media, events or crypto related laws.