Does S88 Coin depend on Bitcoin? Based on the correlation analysis, BTC and S8C 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 dynamics of both assets.
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 tells that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and S88 Coin connection is positively strong, it means that when BTC is growing S8C will rise as well. The negative strong relation will show that when BTC is growing S8C price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over S88 Coin. If we take all the factors affecting the price of S8C 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 crypto related laws.