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SoonCoin (SOON)

Correlation

0.91

Influence

82.81%

Bitcoin and SoonCoin Correlation

Does SoonCoin depend on Bitcoin? Based on the correlation analysis, BTC and SOON have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both assets.

This coefficient may range 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 points that the prices of the currencies are going in the reversed trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and SoonCoin connection is positively strong, it means that when BTC is rising SOON will grow as well. The negative strong relation will point that when BTC is growing SOON price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SoonCoin. If we take all the factors affecting the price of SOON 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 crypto related laws.