Does SmartBillions depend on Bitcoin? According to the correlation analysis, BTC and SMART* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both coins.
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 shows that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and SmartBillions connection is positively strong, it means that when BTC is rising SMART* will grow as well. The negative strong relation will indicate that when BTC is rising SMART* price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SmartBillions. If we take all the factors affecting the price of SMART* as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, events or crypto related laws.