Does CoinPoker Token depend on Bitcoin? Based on the correlation analysis, BTC and CHP have a strong positive relationship. The correlation coefficient of their prices is 0.64, which was measured based on the last 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 shows that the prices of the coins are moving in the opposite trend while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and CoinPoker Token connection is positively strong, it means that when BTC is growing CHP will grow as well. The negative strong relation will indicate that when BTC is growing CHP value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CoinPoker Token. If we take all the things affecting the price of CHP as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other circumstances, such as media, events or crypto related laws.