Does Condensate depend on Bitcoin? According to the correlation analysis, BTC and RAIN have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was estimated 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 shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Condensate connection is positively strong, it means that when BTC is rising RAIN will rise as well. The negative strong relation will tell that when BTC is rising RAIN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Condensate. If we take all the factors affecting the price of RAIN 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 things, such as news, technological releases or regulations.