Does Kambria depend on Bitcoin? Based on the correlation analysis, BTC and KAT have a strong positive relationship. The correlation coefficient of their values is 0.54, which was computed based on the last 100-days' price movements of both currencies.
This coefficient may adjust 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 tells that the prices of the assets are moving in the opposite direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Kambria connection is positively strong, it means that when BTC is growing KAT will rise as well. The negative strong relation will tell that when BTC is growing KAT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Kambria. If we take all the factors affecting the price of KAT as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other things, such as media, events or crypto related laws.