Does Signals Network depend on Bitcoin? According to the correlation analysis, BTC and SGN have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the assets are moving in the contrary trend while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and Signals Network connection is positively strong, it means that when BTC is rising SGN will grow as well. The negative strong relation will tell that when BTC is growing SGN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Signals Network. If we take all the aspects affecting the price of SGN as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, events or crypto related laws.