Does Crypto20 depend on Bitcoin? According to the correlation analysis, BTC and C20 have a very strong positive relationship. The correlation coefficient of their prices is 0.87, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may change 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 coins are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Crypto20 connection is positively strong, it means that when BTC is growing C20 will grow as well. The negative strong relation will show that when BTC is rising C20 value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Crypto20. If we take all the things affecting the price of C20 as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other circumstances, such as news, technological releases or politics.