Bitcoin and SARCoin Correlation

Does SARCoin depend on Bitcoin? According to the correlation analysis, BTC and SAR have no or negligible relationship. The correlation coefficient of their prices is 0.09, which was computed based on the last 100-days' price fluctuations of both currencies.

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 indicates that the prices of the assets are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and SARCoin connection is positively strong, it means that when BTC is growing SAR will grow as well. The negative strong relation will indicate that when BTC is rising SAR value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SARCoin. If we take all the circumstances affecting the price of SAR as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other factors, such as news, technological releases or politics.