Does COTI depend on Bitcoin? According to the correlation analysis, BTC and COTI have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was estimated based on the previous 100-days' price dynamics 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 tells that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and COTI connection is positively strong, it means that when BTC is rising COTI will grow as well. The negative strong relation will tell that when BTC is rising COTI price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over COTI. If we take all the aspects affecting the price of COTI as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other factors, such as media, events or crypto related laws.