Does Slate depend on Bitcoin? According to the correlation analysis, BTC and SLX have a moderate negative relationship. The correlation coefficient of their prices is -0.35, which was estimated based on the previous 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 cryptocurrencies are going in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Slate connection is positively strong, it means that when BTC is rising SLX will grow as well. The negative strong relation will point that when BTC is rising SLX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Slate. If we take all the factors affecting the price of SLX as 100%, then the share of BTC price among these factors will be 12.25%. The other part which is 87.75% covers all the other factors, such as news, events or crypto related laws.