Does SeedShares depend on Bitcoin? According to the correlation analysis, BTC and SEEDS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated 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 points that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and SeedShares connection is positively strong, it means that when BTC is rising SEEDS will grow as well. The negative strong relation will indicate that when BTC is growing SEEDS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SeedShares. If we take all the circumstances affecting the price of SEEDS 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 factors, such as news, technological releases or regulations.