Does CleverHash depend on Bitcoin? Based on the correlation analysis, BTC and CHASH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations 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 shows that the prices of the assets are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and CleverHash connection is positively strong, it means that when BTC is rising CHASH will rise as well. The negative strong relation will indicate that when BTC is growing CHASH value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CleverHash. If we take all the aspects affecting the price of CHASH 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 aspects, such as news, technological releases or politics.