Does SafeExchangeCoin depend on Bitcoin? According to the correlation analysis, BTC and SAFEX have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may change 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 trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and SafeExchangeCoin connection is positively strong, it means that when BTC is growing SAFEX will rise as well. The negative strong relation will show that when BTC is rising SAFEX value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SafeExchangeCoin. If we take all the factors affecting the price of SAFEX as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other things, such as news, technological releases or crypto related laws.