Does Cosmic depend on Bitcoin? According to the correlation analysis, BTC and CSMIC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both coins.
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 indicates that the prices of the currencies are going in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Cosmic connection is positively strong, it means that when BTC is rising CSMIC will rise as well. The negative strong relation will show that when BTC is rising CSMIC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Cosmic. If we take all the factors affecting the price of CSMIC 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 aspects, such as news, technological releases or regulations.