Does Bitcoin Supreme depend on Bitcoin? Based on the correlation analysis, BTC and BTCS* have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was calculated based on the last 100-days' price movements of both cryptocurrencies.
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 trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Bitcoin Supreme connection is positively strong, it means that when BTC is rising BTCS* will grow as well. The negative strong relation will point that when BTC is growing BTCS* value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bitcoin Supreme. If we take all the circumstances affecting the price of BTCS* as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as news, technological releases or crypto related laws.