Does CometCoin depend on Bitcoin? Based on the correlation analysis, BTC and CMT have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was estimated based on the last 100-days' price movements of both assets.
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 indicates that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and CometCoin connection is positively strong, it means that when BTC is rising CMT will grow as well. The negative strong relation will tell that when BTC is growing CMT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CometCoin. If we take all the circumstances affecting the price of CMT as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other things, such as media, events or regulations.