Does Oyster Shell depend on Bitcoin? According to the correlation analysis, BTC and SHL have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was estimated based on the last 100-days' price dynamics of both assets.
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 means that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Oyster Shell connection is positively strong, it means that when BTC is rising SHL will grow as well. The negative strong relation will tell that when BTC is growing SHL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Oyster Shell. If we take all the aspects affecting the price of SHL as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other aspects, such as news, events or regulations.