Does Cashaa depend on Bitcoin? Based on the correlation analysis, BTC and CAS have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was calculated based on the previous 100-days' price movements of both assets.
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 points that the prices of the currencies are going in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and Cashaa connection is positively strong, it means that when BTC is rising CAS will grow as well. The negative strong relation will point that when BTC is growing CAS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Cashaa. If we take all the things affecting the price of CAS as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other factors, such as media, technological releases or regulations.