Does ClearAid depend on Bitcoin? According to the correlation analysis, BTC and CAID have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured 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 tells that the prices of the coins are going in the reversed trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and ClearAid connection is positively strong, it means that when BTC is growing CAID will grow as well. The negative strong relation will tell that when BTC is rising CAID value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ClearAid. If we take all the aspects affecting the price of CAID 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 circumstances, such as media, events or crypto related laws.