Bitcoin and SLICE Correlation

Does SLICE depend on Bitcoin? According to the correlation analysis, BTC and SLC have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was measured based on the previous 100-days' price movements of both coins.

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 shows that the prices of the coins are going in the opposite direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and SLICE connection is positively strong, it means that when BTC is rising SLC will rise as well. The negative strong relation will show that when BTC is growing SLC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over SLICE. If we take all the things affecting the price of SLC 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 circumstances, such as news, events or crypto related laws.