Does COMSA depend on Bitcoin? According to the correlation analysis, BTC and CMS have a moderate positive relationship. The correlation coefficient of their values is 0.31, which was calculated based on the last 100-days' price fluctuations of both currencies.
This coefficient may vary 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 reversed direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and COMSA connection is positively strong, it means that when BTC is rising CMS will grow as well. The negative strong relation will tell that when BTC is growing CMS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over COMSA. If we take all the aspects affecting the price of CMS as 100%, then the share of BTC price among these factors will be 9.61%. The other part which is 90.39% covers all the other factors, such as media, events or politics.