Does Smartshare depend on Bitcoin? Based on the correlation analysis, BTC and SSP have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 means that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Smartshare connection is positively strong, it means that when BTC is rising SSP will grow as well. The negative strong relation will indicate that when BTC is growing SSP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Smartshare. If we take all the circumstances affecting the price of SSP as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other circumstances, such as news, events or regulations.