Does Credits depend on Bitcoin? Based on the correlation analysis, BTC and CS* have a strong negative relationship. The correlation coefficient of their values is -0.58, which was computed based on the last 100-days' price movements of both currencies.
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 moving in the opposite direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Credits connection is positively strong, it means that when BTC is rising CS* will rise as well. The negative strong relation will indicate that when BTC is growing CS* price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Credits. If we take all the things affecting the price of CS* as 100%, then the share of BTC price among these factors will be 33.64%. The other part which is 66.36% covers all the other circumstances, such as news, technological releases or politics.