⟷  

SpinCoin (SPC)

Correlation

0.91

Influence

82.81%

Bitcoin and SpinCoin Correlation

Does SpinCoin depend on Bitcoin? Based on the correlation analysis, BTC and SPC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations of both assets.

This coefficient may range 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 reversed trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and SpinCoin connection is positively strong, it means that when BTC is rising SPC will grow as well. The negative strong relation will point that when BTC is growing SPC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over SpinCoin. If we take all the things affecting the price of SPC as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, events or crypto related laws.