Does Crowd Machine depend on Bitcoin? According to the correlation analysis, BTC and CMCT have a weak positive relationship. The correlation coefficient of their prices is 0.25, which was calculated based on the last 100-days' price fluctuations of both currencies.
This coefficient may vary 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 reversed direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Crowd Machine connection is positively strong, it means that when BTC is rising CMCT will grow as well. The negative strong relation will point that when BTC is rising CMCT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Crowd Machine. If we take all the things affecting the price of CMCT as 100%, then the share of BTC price among these factors will be 6.25%. The other part which is 93.75% covers all the other factors, such as media, events or crypto related laws.