Does CraveCoin depend on Bitcoin? Based on the correlation analysis, BTC and CRAVE have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was calculated based on the previous 100-days' price fluctuations 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 points that the prices of the currencies are going in the reversed direction while the positive coefficient means that the prices are going in the same trend. For instance, if Bitcoin and CraveCoin connection is positively strong, it means that when BTC is rising CRAVE will grow as well. The negative strong relation will show that when BTC is rising CRAVE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CraveCoin. If we take all the aspects affecting the price of CRAVE as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other circumstances, such as media, technological releases or regulations.