Does Couchain depend on Bitcoin? According to the correlation analysis, BTC and COU have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the last 100-days' price movements of both coins.
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 shows that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Couchain connection is positively strong, it means that when BTC is growing COU will grow as well. The negative strong relation will indicate that when BTC is rising COU value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Couchain. If we take all the aspects affecting the price of COU as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, events or regulations.