Does Sphre AIR depend on Bitcoin? According to the correlation analysis, BTC and XID have a very strong positive relationship. The correlation coefficient of their prices is 0.87, which was estimated based on the previous 100-days' price dynamics of both currencies.
This coefficient may vary 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 cryptocurrencies are going in the contrary direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Sphre AIR connection is positively strong, it means that when BTC is growing XID will grow as well. The negative strong relation will tell that when BTC is rising XID value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Sphre AIR. If we take all the things affecting the price of XID as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other things, such as news, technological releases or crypto related laws.