Does Karbo depend on Bitcoin? Based on the correlation analysis, BTC and KRB have a very strong positive relationship. The correlation coefficient of their values is 0.86, which was measured based on the last 100-days' price movements of both assets.
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 points that the prices of the coins are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and Karbo connection is positively strong, it means that when BTC is rising KRB will rise as well. The negative strong relation will tell that when BTC is rising KRB price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Karbo. If we take all the circumstances affecting the price of KRB as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other circumstances, such as media, technological releases or crypto related laws.