Does Sharder depend on Bitcoin? Based on the correlation analysis, BTC and SS have a strong positive relationship. The correlation coefficient of their prices is 0.64, which was estimated based on the last 100-days' price dynamics of both coins.
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 means that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Sharder connection is positively strong, it means that when BTC is growing SS will rise as well. The negative strong relation will show that when BTC is growing SS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Sharder. If we take all the circumstances affecting the price of SS as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as media, events or crypto related laws.