Does BitSwift depend on Bitcoin? Based on the correlation analysis, BTC and SWIFT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements of both assets.
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 cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and BitSwift connection is positively strong, it means that when BTC is rising SWIFT will rise as well. The negative strong relation will indicate that when BTC is growing SWIFT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BitSwift. If we take all the aspects affecting the price of SWIFT 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 media, events or politics.