Does Sanderon depend on Bitcoin? Based on the correlation analysis, BTC and SDRN have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was computed based on the last 100-days' price movements of both assets.
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 assets are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Sanderon connection is positively strong, it means that when BTC is growing SDRN will grow as well. The negative strong relation will show that when BTC is rising SDRN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Sanderon. If we take all the things affecting the price of SDRN as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as news, events or crypto related laws.