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SpaceCash (SCASH)

Correlation

0.91

Influence

82.81%

Bitcoin and SpaceCash Correlation

Does SpaceCash depend on Bitcoin? According to the correlation analysis, BTC and SCASH have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.

This coefficient may vary 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 going in the contrary trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and SpaceCash connection is positively strong, it means that when BTC is growing SCASH will grow as well. The negative strong relation will point that when BTC is rising SCASH value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over SpaceCash. If we take all the aspects affecting the price of SCASH 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 factors, such as news, events or regulations.