Does Consensus depend on Bitcoin? According to the correlation analysis, BTC and SEN* have a weak positive relationship. The correlation coefficient of their prices is 0.21, which was computed based on the previous 100-days' price movements of both coins.
This coefficient may vary 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 assets are going in the opposite direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Consensus connection is positively strong, it means that when BTC is rising SEN* will grow as well. The negative strong relation will show that when BTC is rising SEN* value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Consensus. If we take all the factors affecting the price of SEN* as 100%, then the share of BTC price among these factors will be 4.41%. The other part which is 95.59% covers all the other circumstances, such as news, technological releases or crypto related laws.