Does Kapu depend on Bitcoin? Based on the correlation analysis, BTC and KAPU have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was computed based on the previous 100-days' price fluctuations of both coins.
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 indicates that the prices of the assets are going in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and Kapu connection is positively strong, it means that when BTC is growing KAPU will grow as well. The negative strong relation will tell that when BTC is growing KAPU value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Kapu. If we take all the factors affecting the price of KAPU as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other aspects, such as media, events or crypto related laws.