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SmileyCoin (SMLY)

Correlation

-0.63

Influence

39.69%

Bitcoin and SmileyCoin Correlation

Does SmileyCoin depend on Bitcoin? Based on the correlation analysis, BTC and SMLY have a strong negative relationship. The correlation coefficient of their values is -0.63, which was calculated based on the previous 100-days' price movements of both currencies.

This coefficient may adjust 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 tells that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and SmileyCoin connection is positively strong, it means that when BTC is rising SMLY will rise as well. The negative strong relation will tell that when BTC is growing SMLY price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SmileyCoin. If we take all the factors affecting the price of SMLY as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other things, such as news, technological releases or regulations.