Does CBD Crystals depend on Bitcoin? Based on the correlation analysis, BTC and CBD 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 coins.
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 means that the prices are moving in the same direction. For example, if Bitcoin and CBD Crystals connection is positively strong, it means that when BTC is rising CBD will grow as well. The negative strong relation will tell that when BTC is growing CBD price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CBD Crystals. If we take all the circumstances affecting the price of CBD 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 factors, such as media, events or crypto related laws.