Does Carboncoin depend on Bitcoin? Based on the correlation analysis, BTC and CARBON have no relationship. The correlation coefficient of their prices is 0.00, which was calculated based on the previous 100-days' price fluctuations of both currencies.
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 shows that the prices of the currencies are going in the reversed direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Carboncoin connection is positively strong, it means that when BTC is growing CARBON will grow as well. The negative strong relation will point that when BTC is growing CARBON value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Carboncoin. If we take all the aspects affecting the price of CARBON as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other factors, such as media, events or politics.