Does ClearPoll depend on Bitcoin? Based on the correlation analysis, BTC and POLL have a strong positive relationship. The correlation coefficient of their prices is 0.65, which was computed based on the previous 100-days' price movements of both coins.
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 indicates that the prices of the assets are going in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and ClearPoll connection is positively strong, it means that when BTC is growing POLL will rise as well. The negative strong relation will tell that when BTC is rising POLL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ClearPoll. If we take all the factors affecting the price of POLL as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other things, such as media, technological releases or crypto related laws.