Does Seele depend on Bitcoin? According to the correlation analysis, BTC and SEELE have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was computed based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the assets are going in the contrary trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Seele connection is positively strong, it means that when BTC is rising SEELE will rise as well. The negative strong relation will indicate that when BTC is growing SEELE price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Seele. If we take all the things affecting the price of SEELE as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as media, events or crypto related laws.