Does Sentinel depend on Bitcoin? Based on the correlation analysis, BTC and SENT have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was calculated based on the previous 100-days' price fluctuations of both currencies.
This coefficient may range 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 currencies are going in the reversed direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Sentinel connection is positively strong, it means that when BTC is rising SENT will grow as well. The negative strong relation will indicate that when BTC is rising SENT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Sentinel. If we take all the things affecting the price of SENT as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other factors, such as media, events or politics.