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Ccore (CCO)

Correlation

0.68

Influence

46.24%

Bitcoin and Ccore Correlation

Does Ccore depend on Bitcoin? Based on the correlation analysis, BTC and CCO have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the previous 100-days' price movements 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 assets are going in the opposite direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Ccore connection is positively strong, it means that when BTC is growing CCO will grow as well. The negative strong relation will point that when BTC is rising CCO price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ccore. If we take all the circumstances affecting the price of CCO as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, technological releases or politics.