Does ShowHand depend on Bitcoin? Based on the correlation analysis, BTC and HAND have a strong negative relationship. The correlation coefficient of their values is -0.61, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and ShowHand connection is positively strong, it means that when BTC is growing HAND will rise as well. The negative strong relation will show that when BTC is rising HAND value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ShowHand. If we take all the circumstances affecting the price of HAND as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other factors, such as news, technological releases or politics.