Does CONNECT depend on Bitcoin? According to the correlation analysis, BTC and CNCT have a weak positive relationship. The correlation coefficient of their values is 0.23, which was computed based on the previous 100-days' price dynamics of both coins.
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 points that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and CONNECT connection is positively strong, it means that when BTC is rising CNCT will grow as well. The negative strong relation will point that when BTC is growing CNCT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over CONNECT. If we take all the factors affecting the price of CNCT as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other circumstances, such as media, technological releases or politics.