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Catcoin (CAT1)

Correlation

0.91

Influence

82.81%

Bitcoin and Catcoin Correlation

Does Catcoin depend on Bitcoin? Based on the correlation analysis, BTC and CAT1 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.

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 tells that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Catcoin connection is positively strong, it means that when BTC is growing CAT1 will rise as well. The negative strong relation will show that when BTC is growing CAT1 value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Catcoin. If we take all the things affecting the price of CAT1 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 aspects, such as media, events or crypto related laws.