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Savedroid (SVD)

Correlation

0.64

Influence

40.96%

Bitcoin and Savedroid Correlation

Does Savedroid depend on Bitcoin? Based on the correlation analysis, BTC and SVD have a strong positive relationship. The correlation coefficient of their values is 0.64, which was measured based on the last 100-days' price fluctuations of both coins.

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 points that the prices of the coins are moving in the reversed direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Savedroid connection is positively strong, it means that when BTC is rising SVD will grow as well. The negative strong relation will show that when BTC is growing SVD price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Savedroid. If we take all the circumstances affecting the price of SVD as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as news, events or crypto related laws.