Does Kurrent depend on Bitcoin? Based on the correlation analysis, BTC and KURT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
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 tells that the prices of the currencies are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Kurrent connection is positively strong, it means that when BTC is rising KURT will grow as well. The negative strong relation will point that when BTC is growing KURT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Kurrent. If we take all the things affecting the price of KURT 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 circumstances, such as media, technological releases or politics.