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SnapCoin (SNPC)

Correlation

0.25

Influence

6.25%

Bitcoin and SnapCoin Correlation

Does SnapCoin depend on Bitcoin? According to the correlation analysis, BTC and SNPC have a weak positive relationship. The correlation coefficient of their values is 0.25, which was computed based on the previous 100-days' price movements of both cryptocurrencies.

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 tells that the prices of the assets are going in the opposite trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and SnapCoin connection is positively strong, it means that when BTC is rising SNPC will grow as well. The negative strong relation will show that when BTC is rising SNPC value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SnapCoin. If we take all the factors affecting the price of SNPC as 100%, then the share of BTC price among these factors will be 6.25%. The other part which is 93.75% covers all the other circumstances, such as news, events or politics.