Does Sociall depend on Bitcoin? According to the correlation analysis, BTC and SCL have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
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 means that the prices of the coins are going in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Sociall connection is positively strong, it means that when BTC is growing SCL will grow as well. The negative strong relation will indicate that when BTC is growing SCL price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Sociall. If we take all the factors affecting the price of SCL as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, technological releases or politics.