Does Kyber Network depend on Bitcoin? According to the correlation analysis, BTC and KNC have no or negligible relationship. The correlation coefficient of their values is -0.09, which was calculated based on the last 100-days' price fluctuations 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 tells that the prices of the currencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Kyber Network connection is positively strong, it means that when BTC is growing KNC will rise as well. The negative strong relation will show that when BTC is growing KNC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Kyber Network. If we take all the things affecting the price of KNC as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other factors, such as media, technological releases or politics.