Does Crazy Coin depend on Bitcoin? Based on the correlation analysis, BTC and CZC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Crazy Coin connection is positively strong, it means that when BTC is growing CZC will rise as well. The negative strong relation will point that when BTC is growing CZC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Crazy Coin. If we take all the factors affecting the price of CZC 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 news, events or politics.