Does ConcealCoin depend on Bitcoin? According to the correlation analysis, BTC and CNL 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 dynamics 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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and ConcealCoin connection is positively strong, it means that when BTC is rising CNL will grow as well. The negative strong relation will point that when BTC is growing CNL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ConcealCoin. If we take all the things affecting the price of CNL 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 aspects, such as news, technological releases or crypto related laws.