Does Coinmatic depend on Bitcoin? Based on the correlation analysis, BTC and CTIC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics 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 shows that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Coinmatic connection is positively strong, it means that when BTC is growing CTIC will rise as well. The negative strong relation will tell that when BTC is growing CTIC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Coinmatic. If we take all the circumstances affecting the price of CTIC 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.