Does Impeach depend on Bitcoin? Based on the correlation analysis, BTC and IMPCH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the assets are moving in the contrary trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Impeach connection is positively strong, it means that when BTC is growing IMPCH will rise as well. The negative strong relation will indicate that when BTC is growing IMPCH value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Impeach. If we take all the aspects affecting the price of IMPCH as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, technological releases or politics.