Does CheckCoin depend on Bitcoin? Based on the correlation analysis, BTC and CXC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both coins.
This coefficient may adjust 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 points that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and CheckCoin connection is positively strong, it means that when BTC is growing CXC will rise as well. The negative strong relation will show that when BTC is growing CXC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CheckCoin. If we take all the aspects affecting the price of CXC 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 news, technological releases or politics.