SirinLabs (SRN)





Bitcoin and SirinLabs Correlation

Does SirinLabs depend on Bitcoin? Based on the correlation analysis, BTC and SRN have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price fluctuations 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 indicates that the prices of the currencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and SirinLabs connection is positively strong, it means that when BTC is rising SRN will rise as well. The negative strong relation will point that when BTC is rising SRN value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SirinLabs. If we take all the circumstances affecting the price of SRN 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 circumstances, such as media, events or politics.