Does Crown Coin depend on Bitcoin? Based on the correlation analysis, BTC and CRW have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price fluctuations of both assets.
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 indicates that the prices of the assets are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Crown Coin connection is positively strong, it means that when BTC is rising CRW will rise as well. The negative strong relation will show that when BTC is rising CRW value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Crown Coin. If we take all the aspects affecting the price of CRW as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as media, events or politics.