Does Silent Notary depend on Bitcoin? According to the correlation analysis, BTC and SNTR have a strong positive relationship. The correlation coefficient of their values is 0.64, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may vary 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 coins are going in the contrary trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Silent Notary connection is positively strong, it means that when BTC is rising SNTR will grow as well. The negative strong relation will point that when BTC is rising SNTR value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Silent Notary. If we take all the factors affecting the price of SNTR as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other factors, such as news, technological releases or politics.