Does Carebit depend on Bitcoin? Based on the correlation analysis, BTC and CARE have a strong positive relationship. The correlation coefficient of their prices is 0.54, which was measured based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the coins are going in the contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Carebit connection is positively strong, it means that when BTC is rising CARE will grow as well. The negative strong relation will tell that when BTC is rising CARE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Carebit. If we take all the factors affecting the price of CARE as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other circumstances, such as news, events or politics.