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Shacoin (SHA)

Correlation

0.92

Influence

84.64%

Bitcoin and Shacoin Correlation

Does Shacoin depend on Bitcoin? Based on the correlation analysis, BTC and SHA have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was computed based on the last 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 shows that the prices of the assets are moving in the reversed direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Shacoin connection is positively strong, it means that when BTC is rising SHA will rise as well. The negative strong relation will point that when BTC is rising SHA price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Shacoin. If we take all the aspects affecting the price of SHA as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other factors, such as media, events or politics.