Does HappyCreatorCoin depend on Bitcoin? Based on the correlation analysis, BTC and HCC have no relationship. The correlation coefficient of their prices is 0.00, which was computed based on the previous 100-days' price dynamics of both currencies.
This coefficient may range 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 shows that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and HappyCreatorCoin connection is positively strong, it means that when BTC is growing HCC will grow as well. The negative strong relation will point that when BTC is growing HCC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over HappyCreatorCoin . If we take all the things affecting the price of HCC 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 things, such as media, events or crypto related laws.