Does SelfKey depend on Bitcoin? According to the correlation analysis, BTC and KEY have a very strong positive relationship. The correlation coefficient of their prices is 0.71, 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 means that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and SelfKey connection is positively strong, it means that when BTC is growing KEY will grow as well. The negative strong relation will point that when BTC is rising KEY price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SelfKey. If we take all the circumstances affecting the price of KEY as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as news, technological releases or politics.