Does Song Coin depend on Bitcoin? According to the correlation analysis, BTC and SONG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price movements of both coins.
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 going in the opposite direction while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Song Coin connection is positively strong, it means that when BTC is growing SONG will grow as well. The negative strong relation will point that when BTC is rising SONG value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Song Coin. If we take all the aspects affecting the price of SONG 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 media, technological releases or regulations.