Does CashOut depend on Bitcoin? Based on the correlation analysis, BTC and CSH have no relationship. The correlation coefficient of their values is -0.00, which was estimated based on the last 100-days' price movements 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 tells that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and CashOut connection is positively strong, it means that when BTC is rising CSH will grow as well. The negative strong relation will indicate that when BTC is rising CSH value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CashOut. If we take all the things affecting the price of CSH 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 circumstances, such as news, events or politics.