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SophiaTX (SPHTX)

Correlation

0.33

Influence

10.89%

Bitcoin and SophiaTX Correlation

Does SophiaTX depend on Bitcoin? Based on the correlation analysis, BTC and SPHTX have a moderate positive relationship. The correlation coefficient of their values is 0.33, which was calculated based on the last 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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and SophiaTX connection is positively strong, it means that when BTC is growing SPHTX will grow as well. The negative strong relation will point that when BTC is growing SPHTX price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SophiaTX. If we take all the things affecting the price of SPHTX as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other circumstances, such as news, events or regulations.