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CrankCoin (CRNK)

Correlation

0.91

Influence

82.81%

Bitcoin and CrankCoin Correlation

Does CrankCoin depend on Bitcoin? According to the correlation analysis, BTC and CRNK have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price fluctuations 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 points that the prices of the assets are moving in the reversed direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and CrankCoin connection is positively strong, it means that when BTC is rising CRNK will rise as well. The negative strong relation will show that when BTC is growing CRNK price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CrankCoin. If we take all the factors affecting the price of CRNK 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 circumstances, such as media, technological releases or crypto related laws.