Does ColossusCoinXT depend on Bitcoin? According to the correlation analysis, BTC and COLX have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was computed based on the last 100-days' price fluctuations of both assets.
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 indicates that the prices of the assets are moving in the reversed trend while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and ColossusCoinXT connection is positively strong, it means that when BTC is growing COLX will rise as well. The negative strong relation will show that when BTC is rising COLX value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ColossusCoinXT. If we take all the circumstances affecting the price of COLX as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as news, events or crypto related laws.