Does CoolDarkCoin depend on Bitcoin? According to the correlation analysis, BTC and CCX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, 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 means that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and CoolDarkCoin connection is positively strong, it means that when BTC is rising CCX will grow as well. The negative strong relation will indicate that when BTC is growing CCX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CoolDarkCoin. If we take all the factors affecting the price of CCX 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 factors, such as media, events or politics.