Does CasinoCoin depend on Bitcoin? Based on the correlation analysis, BTC and CSC have a strong positive relationship. The correlation coefficient of their values is 0.64, which was computed based on the last 100-days' price fluctuations of both cryptocurrencies.
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 assets are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and CasinoCoin connection is positively strong, it means that when BTC is rising CSC will rise as well. The negative strong relation will show that when BTC is rising CSC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CasinoCoin. If we take all the aspects affecting the price of CSC as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as media, technological releases or crypto related laws.