⟷  

Sapien Network (SPN*)

Correlation

0.91

Influence

82.81%

Bitcoin and Sapien Network Correlation

Does Sapien Network depend on Bitcoin? According to the correlation analysis, BTC and SPN* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations 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 assets are moving in the reversed trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Sapien Network connection is positively strong, it means that when BTC is rising SPN* will grow as well. The negative strong relation will tell that when BTC is growing SPN* value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sapien Network. If we take all the circumstances affecting the price of SPN* as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, technological releases or crypto related laws.