Does CyberMiles depend on Bitcoin? According to the correlation analysis, BTC and CMT* have a very strong positive relationship. The correlation coefficient of their prices is 0.79, 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 means that the prices of the coins are moving in the contrary trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and CyberMiles connection is positively strong, it means that when BTC is rising CMT* will rise as well. The negative strong relation will show that when BTC is rising CMT* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CyberMiles. If we take all the things affecting the price of CMT* as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other aspects, such as media, events or politics.