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ConSpiracy Coin (CYC)

Correlation

0.25

Influence

6.25%

Bitcoin and ConSpiracy Coin Correlation

Does ConSpiracy Coin depend on Bitcoin? Based on the correlation analysis, BTC and CYC have a weak positive relationship. The correlation coefficient of their prices is 0.25, which was estimated based on the previous 100-days' price fluctuations of both currencies.

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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and ConSpiracy Coin connection is positively strong, it means that when BTC is rising CYC will rise as well. The negative strong relation will show that when BTC is growing CYC price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ConSpiracy Coin . If we take all the circumstances affecting the price of CYC as 100%, then the share of BTC price among these factors will be 6.25%. The other part which is 93.75% covers all the other factors, such as media, technological releases or crypto related laws.