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Signatum (SIGT)

Correlation

0.26

Influence

6.76%

Bitcoin and Signatum Correlation

Does Signatum depend on Bitcoin? Based on the correlation analysis, BTC and SIGT have a weak positive relationship. The correlation coefficient of their values is 0.26, which was computed based on the last 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 points that the prices of the assets are moving in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Signatum connection is positively strong, it means that when BTC is rising SIGT will rise as well. The negative strong relation will tell that when BTC is rising SIGT price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Signatum. If we take all the factors affecting the price of SIGT as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other factors, such as media, technological releases or politics.