Does Kittehcoin depend on Bitcoin? According to the correlation analysis, BTC and MEOW have a strong positive relationship. The correlation coefficient of their values is 0.47, which was calculated based on the previous 100-days' price dynamics of both currencies.
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 currencies are going in the contrary direction while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Kittehcoin connection is positively strong, it means that when BTC is rising MEOW will grow as well. The negative strong relation will show that when BTC is growing MEOW price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Kittehcoin. If we take all the things affecting the price of MEOW as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as media, technological releases or regulations.