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ShieldCoin (SHLD)

Correlation

0.68

Influence

46.24%

Bitcoin and ShieldCoin Correlation

Does ShieldCoin depend on Bitcoin? Based on the correlation analysis, BTC and SHLD have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.

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 currencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and ShieldCoin connection is positively strong, it means that when BTC is growing SHLD will grow as well. The negative strong relation will point that when BTC is growing SHLD value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ShieldCoin. If we take all the things affecting the price of SHLD as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, events or politics.