Does Sentinel Protocol depend on Bitcoin? According to the correlation analysis, BTC and UPP have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was estimated based on the previous 100-days' price dynamics of both coins.
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 cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Sentinel Protocol connection is positively strong, it means that when BTC is growing UPP will rise as well. The negative strong relation will point that when BTC is rising UPP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Sentinel Protocol. If we take all the circumstances affecting the price of UPP as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other aspects, such as news, events or regulations.