Does COSS depend on Bitcoin? According to the correlation analysis, BTC and COSS have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was measured 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 tells that the prices of the coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and COSS connection is positively strong, it means that when BTC is growing COSS will rise as well. The negative strong relation will tell that when BTC is growing COSS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over COSS. If we take all the circumstances affecting the price of COSS as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other things, such as news, events or politics.