Does Solaris depend on Bitcoin? Based on the correlation analysis, BTC and XLR have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was computed based on the previous 100-days' price fluctuations of both currencies.
This coefficient may adjust 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 reversed direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Solaris connection is positively strong, it means that when BTC is rising XLR will rise as well. The negative strong relation will indicate that when BTC is growing XLR value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Solaris. If we take all the factors affecting the price of XLR as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other circumstances, such as news, events or crypto related laws.