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CPChain (CPC*)

Correlation

-0.36

Influence

12.96%

Bitcoin and CPChain Correlation

Does CPChain depend on Bitcoin? According to the correlation analysis, BTC and CPC* have a moderate negative relationship. The correlation coefficient of their prices is -0.36, which was calculated based on the last 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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and CPChain connection is positively strong, it means that when BTC is rising CPC* will grow as well. The negative strong relation will tell that when BTC is rising CPC* value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CPChain. If we take all the factors affecting the price of CPC* as 100%, then the share of BTC price among these factors will be 12.96%. The other part which is 87.04% covers all the other factors, such as news, technological releases or regulations.