Does Klondike Coin depend on Bitcoin? Based on the correlation analysis, BTC and KDC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured 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 points that the prices of the coins are going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Klondike Coin connection is positively strong, it means that when BTC is rising KDC will grow as well. The negative strong relation will tell that when BTC is growing KDC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Klondike Coin. If we take all the aspects affecting the price of KDC 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 aspects, such as news, events or crypto related laws.