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Siacoin (SC)

Correlation

0.42

Influence

17.64%

Bitcoin and Siacoin Correlation

Does Siacoin depend on Bitcoin? Based on the correlation analysis, BTC and SC have a strong positive relationship. The correlation coefficient of their values is 0.42, which was computed based on the previous 100-days' price dynamics of both coins.

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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Siacoin connection is positively strong, it means that when BTC is growing SC will rise as well. The negative strong relation will tell that when BTC is rising SC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Siacoin. If we take all the factors affecting the price of SC as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other things, such as news, technological releases or politics.