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Shilling (SH)

Correlation

0.91

Influence

82.81%

Bitcoin and Shilling Correlation

Does Shilling depend on Bitcoin? According to the correlation analysis, BTC and SH have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both coins.

This coefficient may change 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 indicates that the prices of the coins are going in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Shilling connection is positively strong, it means that when BTC is growing SH will grow as well. The negative strong relation will indicate that when BTC is growing SH value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Shilling. If we take all the things affecting the price of SH as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or regulations.