Does Credo depend on Bitcoin? Based on the correlation analysis, BTC and CREDO have a weak positive relationship. The correlation coefficient of their values is 0.20, which was calculated based on the last 100-days' price movements of both assets.
This coefficient may adjust 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 indicates that the prices of the currencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Credo connection is positively strong, it means that when BTC is rising CREDO will rise as well. The negative strong relation will point that when BTC is rising CREDO price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Credo. If we take all the things affecting the price of CREDO as 100%, then the share of BTC price among these factors will be 4.00%. The other part which is 96.00% covers all the other aspects, such as media, events or politics.