Does Crafty depend on Bitcoin? According to the correlation analysis, BTC and CFTY have a strong positive relationship. The correlation coefficient of their values is 0.65, which was measured based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may vary 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 points that the prices of the coins are going in the opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Crafty connection is positively strong, it means that when BTC is rising CFTY will grow as well. The negative strong relation will indicate that when BTC is growing CFTY price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Crafty. If we take all the circumstances affecting the price of CFTY as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other things, such as media, technological releases or politics.