Does TheChiefCoin depend on Bitcoin? Based on the correlation analysis, BTC and CHIEF have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 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 shows that the prices of the coins are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and TheChiefCoin connection is positively strong, it means that when BTC is rising CHIEF will grow as well. The negative strong relation will indicate that when BTC is rising CHIEF price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over TheChiefCoin. If we take all the circumstances affecting the price of CHIEF 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, technological releases or politics.