Does Sakura Bloom depend on Bitcoin? According to the correlation analysis, BTC and SKB* have a very strong negative relationship. The correlation coefficient of their values is -0.84, which was calculated based on the last 100-days' price fluctuations of both assets.
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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Sakura Bloom connection is positively strong, it means that when BTC is growing SKB* will grow as well. The negative strong relation will tell that when BTC is rising SKB* price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sakura Bloom. If we take all the factors affecting the price of SKB* as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other factors, such as media, events or crypto related laws.