Does SapienceCoin depend on Bitcoin? Based on the correlation analysis, BTC and XAI have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated 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 cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and SapienceCoin connection is positively strong, it means that when BTC is growing XAI will grow as well. The negative strong relation will point that when BTC is growing XAI value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SapienceCoin. If we take all the aspects affecting the price of XAI 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 aspects, such as media, events or politics.