Does Coinomat depend on Bitcoin? According to the correlation analysis, BTC and CNMT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
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 points that the prices of the currencies are moving in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Coinomat connection is positively strong, it means that when BTC is growing CNMT will rise as well. The negative strong relation will point that when BTC is rising CNMT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Coinomat. If we take all the circumstances affecting the price of CNMT 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 regulations.