Does SEER depend on Bitcoin? According to the correlation analysis, BTC and SEER have no or negligible relationship. The correlation coefficient of their values is -0.17, which was estimated based on the previous 100-days' price movements of both assets.
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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and SEER connection is positively strong, it means that when BTC is rising SEER will rise as well. The negative strong relation will show that when BTC is rising SEER value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SEER. If we take all the circumstances affecting the price of SEER as 100%, then the share of BTC price among these factors will be 2.89%. The other part which is 97.11% covers all the other circumstances, such as media, technological releases or crypto related laws.