Does CypherPunkCoin depend on Bitcoin? According to the correlation analysis, BTC and CYP have no relationship. The correlation coefficient of their prices is 0.00, which was estimated based on the previous 100-days' price dynamics of both coins.
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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and CypherPunkCoin connection is positively strong, it means that when BTC is rising CYP will rise as well. The negative strong relation will tell that when BTC is rising CYP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over CypherPunkCoin. If we take all the aspects affecting the price of CYP as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as media, technological releases or regulations.