Does Ketan depend on Bitcoin? Based on the correlation analysis, BTC and KETAN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price fluctuations 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 points that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Ketan connection is positively strong, it means that when BTC is growing KETAN will grow as well. The negative strong relation will indicate that when BTC is rising KETAN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Ketan. If we take all the aspects affecting the price of KETAN 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 regulations.