Does Countinghouse Fund depend on Bitcoin? According to the correlation analysis, BTC and CHT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price dynamics 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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Countinghouse Fund connection is positively strong, it means that when BTC is rising CHT will rise as well. The negative strong relation will show that when BTC is growing CHT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Countinghouse Fund. If we take all the factors affecting the price of CHT 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 circumstances, such as news, technological releases or regulations.