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SelenCoin (SEL)

Correlation

0.91

Influence

82.81%

Bitcoin and SelenCoin Correlation

Does SelenCoin depend on Bitcoin? According to the correlation analysis, BTC and SEL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations of both currencies.

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 indicates that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and SelenCoin connection is positively strong, it means that when BTC is rising SEL will grow as well. The negative strong relation will show that when BTC is rising SEL value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SelenCoin. If we take all the factors affecting the price of SEL 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 things, such as news, events or crypto related laws.