Does Kubera Coin depend on Bitcoin? Based on the correlation analysis, BTC and KBR have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was computed based on the previous 100-days' price dynamics 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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Kubera Coin connection is positively strong, it means that when BTC is rising KBR will grow as well. The negative strong relation will show that when BTC is rising KBR value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Kubera Coin. If we take all the aspects affecting the price of KBR as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other things, such as news, technological releases or crypto related laws.