Does SpankChain depend on Bitcoin? According to the correlation analysis, BTC and SPANK have a strong positive relationship. The correlation coefficient of their prices is 0.46, which was calculated based on the last 100-days' price dynamics 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 means that the prices of the currencies are moving in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and SpankChain connection is positively strong, it means that when BTC is growing SPANK will grow as well. The negative strong relation will show that when BTC is growing SPANK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SpankChain. If we take all the aspects affecting the price of SPANK as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other aspects, such as news, technological releases or politics.