Santiment (SAN)





Bitcoin and Santiment Correlation

Does Santiment depend on Bitcoin? Based on the correlation analysis, BTC and SAN have a very strong positive relationship. The correlation coefficient of their values is 0.75, which was estimated based on the previous 100-days' price movements of both assets.

This coefficient may range 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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Santiment connection is positively strong, it means that when BTC is rising SAN will grow as well. The negative strong relation will show that when BTC is growing SAN price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Santiment. If we take all the things affecting the price of SAN as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other circumstances, such as media, technological releases or politics.