Does Sequence depend on Bitcoin? Based on the correlation analysis, BTC and SEQ have a strong positive relationship. The correlation coefficient of their prices is 0.43, which was measured based on the last 100-days' price movements of both currencies.
This coefficient may adjust 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 moving in the opposite direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Sequence connection is positively strong, it means that when BTC is rising SEQ will rise as well. The negative strong relation will show that when BTC is rising SEQ value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Sequence. If we take all the aspects affecting the price of SEQ as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other circumstances, such as media, technological releases or politics.