Does Coinnec depend on Bitcoin? According to the correlation analysis, BTC and COI have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations 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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Coinnec connection is positively strong, it means that when BTC is rising COI will grow as well. The negative strong relation will indicate that when BTC is growing COI value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Coinnec. If we take all the aspects affecting the price of COI 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 factors, such as media, technological releases or politics.