Does Corion depend on Bitcoin? According to the correlation analysis, BTC and COR have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.
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 tells that the prices of the currencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Corion connection is positively strong, it means that when BTC is rising COR will rise as well. The negative strong relation will tell that when BTC is rising COR price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Corion. If we take all the factors affecting the price of COR 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 things, such as news, events or politics.