⟷  

SoilCoin (SOIL)

Correlation

0.91

Influence

82.81%

Bitcoin and SoilCoin Correlation

Does SoilCoin depend on Bitcoin? Based on the correlation analysis, BTC and SOIL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both currencies.

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 points that the prices of the currencies are moving in the contrary direction while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and SoilCoin connection is positively strong, it means that when BTC is growing SOIL will rise as well. The negative strong relation will point that when BTC is rising SOIL value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SoilCoin. If we take all the aspects affecting the price of SOIL 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 news, technological releases or politics.