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Sentinel Chain (SENC)

Correlation

-0.45

Influence

20.25%

Bitcoin and Sentinel Chain Correlation

Does Sentinel Chain depend on Bitcoin? According to the correlation analysis, BTC and SENC have a strong negative relationship. The correlation coefficient of their values is -0.45, which was calculated based on the last 100-days' price movements 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 indicates that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and Sentinel Chain connection is positively strong, it means that when BTC is rising SENC will grow as well. The negative strong relation will point that when BTC is growing SENC price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sentinel Chain. If we take all the circumstances affecting the price of SENC as 100%, then the share of BTC price among these factors will be 20.25%. The other part which is 79.75% covers all the other factors, such as news, events or politics.