Does CrypticCoin depend on Bitcoin? Based on the correlation analysis, BTC and CRYP have a strong negative relationship. The correlation coefficient of their values is -0.65, which was measured based on the last 100-days' price dynamics of both coins.
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 tells that the prices of the coins are moving in the contrary direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and CrypticCoin connection is positively strong, it means that when BTC is growing CRYP will rise as well. The negative strong relation will tell that when BTC is rising CRYP value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CrypticCoin. If we take all the things affecting the price of CRYP as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other things, such as news, technological releases or politics.