Does Spectre depend on Bitcoin? According to the correlation analysis, BTC and XSPEC have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was computed based on the last 100-days' price fluctuations 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 tells that the prices of the assets are moving in the reversed trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Spectre connection is positively strong, it means that when BTC is rising XSPEC will rise as well. The negative strong relation will indicate that when BTC is rising XSPEC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Spectre. If we take all the things affecting the price of XSPEC as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other things, such as news, events or crypto related laws.