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Solarflarecoin (SFC)

Correlation

0.91

Influence

82.81%

Bitcoin and Solarflarecoin Correlation

Does Solarflarecoin depend on Bitcoin? According to the correlation analysis, BTC and SFC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 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 shows that the prices of the assets are moving in the opposite trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Solarflarecoin connection is positively strong, it means that when BTC is growing SFC will grow as well. The negative strong relation will point that when BTC is rising SFC price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Solarflarecoin. If we take all the things affecting the price of SFC 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 things, such as news, events or politics.