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Solar DAO (SDAO)

Correlation

0.68

Influence

46.24%

Bitcoin and Solar DAO Correlation

Does Solar DAO depend on Bitcoin? According to the correlation analysis, BTC and SDAO have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the last 100-days' price dynamics of both assets.

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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and Solar DAO connection is positively strong, it means that when BTC is rising SDAO will rise as well. The negative strong relation will indicate that when BTC is rising SDAO price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Solar DAO. If we take all the aspects affecting the price of SDAO 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.