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CapriCoin (CPC)

Correlation

0.77

Influence

59.29%

Bitcoin and CapriCoin Correlation

Does CapriCoin depend on Bitcoin? According to the correlation analysis, BTC and CPC have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was estimated based on the last 100-days' price movements of both coins.

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 indicates that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and CapriCoin connection is positively strong, it means that when BTC is rising CPC will rise as well. The negative strong relation will point that when BTC is growing CPC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CapriCoin. If we take all the factors affecting the price of CPC as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other things, such as news, technological releases or crypto related laws.