Does SelfSell depend on Bitcoin? According to the correlation analysis, BTC and SSC have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 shows that the prices of the coins are going in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and SelfSell connection is positively strong, it means that when BTC is rising SSC will grow as well. The negative strong relation will tell that when BTC is rising SSC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SelfSell. If we take all the aspects affecting the price of SSC as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other factors, such as news, technological releases or politics.