Does Crypto.com Chain Token depend on Bitcoin? According to the correlation analysis, BTC and CRO have no or negligible relationship. The correlation coefficient of their values is 0.04, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may vary 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 trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Crypto.com Chain Token connection is positively strong, it means that when BTC is rising CRO will grow as well. The negative strong relation will point that when BTC is growing CRO value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Crypto.com Chain Token. If we take all the aspects affecting the price of CRO as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other factors, such as news, events or regulations.