Does Clout depend on Bitcoin? According to the correlation analysis, BTC and CLOUT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the previous 100-days' price dynamics of both coins.
This coefficient may change 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 going in the contrary direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Clout connection is positively strong, it means that when BTC is growing CLOUT will grow as well. The negative strong relation will tell that when BTC is rising CLOUT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Clout. If we take all the things affecting the price of CLOUT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as media, events or regulations.