⟷  

Sandcoin (SND)

Correlation

0.68

Influence

46.24%

Bitcoin and Sandcoin Correlation

Does Sandcoin depend on Bitcoin? According to the correlation analysis, BTC and SND have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 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 shows that the prices of the assets are going in the reversed trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Sandcoin connection is positively strong, it means that when BTC is growing SND will rise as well. The negative strong relation will point that when BTC is growing SND value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sandcoin. If we take all the things affecting the price of SND 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 regulations.