Does SecureCryptoPayments depend on Bitcoin? According to the correlation analysis, BTC and SEC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics of both currencies.
This coefficient may vary 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 tells that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and SecureCryptoPayments connection is positively strong, it means that when BTC is growing SEC will rise as well. The negative strong relation will point that when BTC is rising SEC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over SecureCryptoPayments. If we take all the things affecting the price of SEC 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 news, technological releases or regulations.