Does ShipChain depend on Bitcoin? According to the correlation analysis, BTC and SHIP have no or negligible relationship. The correlation coefficient of their prices is -0.04, which was estimated based on the previous 100-days' price movements of both assets.
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 means that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and ShipChain connection is positively strong, it means that when BTC is rising SHIP will grow as well. The negative strong relation will point that when BTC is growing SHIP price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ShipChain. If we take all the factors affecting the price of SHIP as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other things, such as media, technological releases or crypto related laws.