Does KryptCoin depend on Bitcoin? According to the correlation analysis, BTC and KTK have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price movements 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 means that the prices of the assets are going in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and KryptCoin connection is positively strong, it means that when BTC is rising KTK will rise as well. The negative strong relation will show that when BTC is growing KTK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over KryptCoin. If we take all the things affecting the price of KTK 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, events or crypto related laws.