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SharkCoin (SAK)

Correlation

0.12

Influence

1.44%

Bitcoin and SharkCoin Correlation

Does SharkCoin depend on Bitcoin? Based on the correlation analysis, BTC and SAK have no or negligible relationship. The correlation coefficient of their values is 0.12, which was computed based on the previous 100-days' price dynamics of both coins.

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 tells that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and SharkCoin connection is positively strong, it means that when BTC is rising SAK will grow as well. The negative strong relation will show that when BTC is rising SAK value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SharkCoin. If we take all the things affecting the price of SAK as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other things, such as news, events or crypto related laws.