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SPECTRE Utility Token (SXUT)

Correlation

0.64

Influence

40.96%

Bitcoin and SPECTRE Utility Token Correlation

Does SPECTRE Utility Token depend on Bitcoin? According to the correlation analysis, BTC and SXUT have a strong positive relationship. The correlation coefficient of their values is 0.64, which was calculated based on the last 100-days' price movements 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 points that the prices of the currencies are moving in the opposite trend while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and SPECTRE Utility Token connection is positively strong, it means that when BTC is rising SXUT will grow as well. The negative strong relation will point that when BTC is rising SXUT price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SPECTRE Utility Token. If we take all the aspects affecting the price of SXUT as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as media, technological releases or politics.