Does Charity Coin depend on Bitcoin? Based on the correlation analysis, BTC and CHA have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Charity Coin connection is positively strong, it means that when BTC is growing CHA will grow as well. The negative strong relation will point that when BTC is growing CHA price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Charity Coin. If we take all the things affecting the price of CHA 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, technological releases or crypto related laws.