⟷  

SPECTRE Dividend Token (SXDT)

Correlation

0.68

Influence

46.24%

Bitcoin and SPECTRE Dividend Token Correlation

Does SPECTRE Dividend Token depend on Bitcoin? According to the correlation analysis, BTC and SXDT have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price movements of both coins.

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 indicates that the prices of the assets are moving in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and SPECTRE Dividend Token connection is positively strong, it means that when BTC is rising SXDT will grow as well. The negative strong relation will point that when BTC is growing SXDT value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SPECTRE Dividend Token. If we take all the things affecting the price of SXDT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, events or regulations.