Does Craftcoin depend on Bitcoin? Based on the correlation analysis, BTC and CRAFT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both coins.
This coefficient may range 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 assets are going in the opposite direction while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and Craftcoin connection is positively strong, it means that when BTC is rising CRAFT will rise as well. The negative strong relation will tell that when BTC is growing CRAFT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Craftcoin. If we take all the circumstances affecting the price of CRAFT as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, technological releases or regulations.