Does Chimaera depend on Bitcoin? Based on the correlation analysis, BTC and CHI have a strong positive relationship. The correlation coefficient of their prices is 0.59, which was estimated based on the last 100-days' price movements of both currencies.
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 means that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Chimaera connection is positively strong, it means that when BTC is growing CHI will rise as well. The negative strong relation will point that when BTC is rising CHI price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Chimaera. If we take all the things affecting the price of CHI as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other things, such as news, events or regulations.