Does KickCoin depend on Bitcoin? According to the correlation analysis, BTC and KICK have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may change 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 contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and KickCoin connection is positively strong, it means that when BTC is rising KICK will rise as well. The negative strong relation will show that when BTC is rising KICK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over KickCoin. If we take all the circumstances affecting the price of KICK as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as media, technological releases or regulations.