Does CarterCoin depend on Bitcoin? According to the correlation analysis, BTC and CTC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.
This coefficient may change 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 means that the prices are going in the identical direction. For example, if Bitcoin and CarterCoin connection is positively strong, it means that when BTC is rising CTC will rise as well. The negative strong relation will point that when BTC is growing CTC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CarterCoin. If we take all the things affecting the price of CTC 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, events or politics.