Does Signal depend on Bitcoin? Based on the correlation analysis, BTC and SIG have a moderate positive relationship. The correlation coefficient of their values is 0.30, which was computed based on the last 100-days' price movements of both assets.
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 assets are moving in the opposite trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Signal connection is positively strong, it means that when BTC is growing SIG will rise as well. The negative strong relation will point that when BTC is growing SIG value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Signal. If we take all the aspects affecting the price of SIG as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other factors, such as news, technological releases or politics.