Does Crypti depend on Bitcoin? Based on the correlation analysis, BTC and XCR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations 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 means that the prices of the currencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Crypti connection is positively strong, it means that when BTC is rising XCR will grow as well. The negative strong relation will point that when BTC is rising XCR value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Crypti. If we take all the aspects affecting the price of XCR 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 things, such as news, technological releases or politics.