Does ContentBox depend on Bitcoin? Based on the correlation analysis, BTC and BOX have a strong positive relationship. The correlation coefficient of their prices is 0.59, which was calculated based on the last 100-days' price movements 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 indicates that the prices of the currencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and ContentBox connection is positively strong, it means that when BTC is rising BOX will grow as well. The negative strong relation will tell that when BTC is growing BOX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ContentBox. If we take all the factors affecting the price of BOX as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other aspects, such as media, events or politics.