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SmurfCoin (SMF)

Correlation

0.91

Influence

82.81%

Bitcoin and SmurfCoin Correlation

Does SmurfCoin depend on Bitcoin? According to the correlation analysis, BTC and SMF have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price movements 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 indicates that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and SmurfCoin connection is positively strong, it means that when BTC is rising SMF will rise as well. The negative strong relation will point that when BTC is growing SMF price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SmurfCoin. If we take all the things affecting the price of SMF 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, technological releases or crypto related laws.