Does Civic depend on Bitcoin? According to the correlation analysis, BTC and CVC have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was calculated based on the last 100-days' price fluctuations of both coins.
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 currencies are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Civic connection is positively strong, it means that when BTC is rising CVC will grow as well. The negative strong relation will show that when BTC is growing CVC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Civic. If we take all the factors affecting the price of CVC as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as media, technological releases or regulations.