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Shine Chain (SHE)

Correlation

0.48

Influence

23.04%

Bitcoin and Shine Chain Correlation

Does Shine Chain depend on Bitcoin? According to the correlation analysis, BTC and SHE have a strong positive relationship. The correlation coefficient of their values is 0.48, which was calculated based on the last 100-days' price dynamics of both assets.

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 points that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Shine Chain connection is positively strong, it means that when BTC is growing SHE will grow as well. The negative strong relation will tell that when BTC is rising SHE price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Shine Chain. If we take all the things affecting the price of SHE as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other factors, such as news, technological releases or crypto related laws.