Does Celer Network depend on Bitcoin? According to the correlation analysis, BTC and CELR have a moderate negative relationship. The correlation coefficient of their prices is -0.32, which was computed based on the previous 100-days' price fluctuations of both assets.
This coefficient may vary 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 shows that the prices of the assets are going in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Celer Network connection is positively strong, it means that when BTC is rising CELR will rise as well. The negative strong relation will indicate that when BTC is growing CELR value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Celer Network. If we take all the aspects affecting the price of CELR as 100%, then the share of BTC price among these factors will be 10.24%. The other part which is 89.76% covers all the other circumstances, such as media, events or regulations.