Does ShareChain depend on Bitcoin? According to the correlation analysis, BTC and SSS have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was measured based on the last 100-days' price fluctuations 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 means that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and ShareChain connection is positively strong, it means that when BTC is rising SSS will rise as well. The negative strong relation will indicate that when BTC is rising SSS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ShareChain. If we take all the circumstances affecting the price of SSS as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other factors, such as news, events or regulations.