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CryptoCarbon (CCRB)

Correlation

0.72

Influence

51.84%

Bitcoin and CryptoCarbon Correlation

Does CryptoCarbon depend on Bitcoin? According to the correlation analysis, BTC and CCRB have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was calculated based on the previous 100-days' price fluctuations of both coins.

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 currencies are going in the reversed direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and CryptoCarbon connection is positively strong, it means that when BTC is growing CCRB will rise as well. The negative strong relation will indicate that when BTC is rising CCRB price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CryptoCarbon. If we take all the aspects affecting the price of CCRB as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as news, events or politics.