Does Sonic Screw Driver Coin depend on Bitcoin? According to the correlation analysis, BTC and SSD have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations 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 tells that the prices of the coins are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and Sonic Screw Driver Coin connection is positively strong, it means that when BTC is rising SSD will rise as well. The negative strong relation will show that when BTC is growing SSD value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Sonic Screw Driver Coin. If we take all the things affecting the price of SSD 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 aspects, such as news, technological releases or politics.