Does CoEval depend on Bitcoin? Based on the correlation analysis, BTC and COE 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 movements of both assets.
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 points that the prices of the coins are going in the opposite trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and CoEval connection is positively strong, it means that when BTC is growing COE will rise as well. The negative strong relation will point that when BTC is rising COE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CoEval. If we take all the circumstances affecting the price of COE 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 things, such as media, events or politics.