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CoffeeCoin (CFC)

Correlation

0.91

Influence

82.81%

Bitcoin and CoffeeCoin Correlation

Does CoffeeCoin depend on Bitcoin? Based on the correlation analysis, BTC and CFC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics 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 tells that the prices of the assets are moving in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and CoffeeCoin connection is positively strong, it means that when BTC is rising CFC will rise as well. The negative strong relation will point that when BTC is growing CFC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CoffeeCoin. If we take all the aspects affecting the price of CFC 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 politics.