Does SABR Coin depend on Bitcoin? Based on the correlation analysis, BTC and SABR have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured 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 shows that the prices of the coins are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and SABR Coin connection is positively strong, it means that when BTC is growing SABR will rise as well. The negative strong relation will point that when BTC is rising SABR price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SABR Coin. If we take all the factors affecting the price of SABR as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or politics.