Does Copico depend on Bitcoin? According to the correlation analysis, BTC and XCPO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both currencies.
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 opposite direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Copico connection is positively strong, it means that when BTC is growing XCPO will grow as well. The negative strong relation will indicate that when BTC is growing XCPO value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Copico. If we take all the things affecting the price of XCPO 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 circumstances, such as news, events or politics.