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Safecoin (SFE)

Correlation

0.91

Influence

82.81%

Bitcoin and Safecoin Correlation

Does Safecoin depend on Bitcoin? According to the correlation analysis, BTC and SFE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics 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 means that the prices of the coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Safecoin connection is positively strong, it means that when BTC is growing SFE will grow as well. The negative strong relation will tell that when BTC is growing SFE price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Safecoin. If we take all the circumstances affecting the price of SFE 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 things, such as media, events or crypto related laws.