⟷  

SpaceChain (SPC*)

Correlation

-0.19

Influence

3.61%

Bitcoin and SpaceChain Correlation

Does SpaceChain depend on Bitcoin? Based on the correlation analysis, BTC and SPC* have no or negligible relationship. The correlation coefficient of their values is -0.19, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 cryptocurrencies are going in the reversed trend while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and SpaceChain connection is positively strong, it means that when BTC is rising SPC* will grow as well. The negative strong relation will show that when BTC is rising SPC* value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SpaceChain. If we take all the circumstances affecting the price of SPC* as 100%, then the share of BTC price among these factors will be 3.61%. The other part which is 96.39% covers all the other aspects, such as news, technological releases or crypto related laws.