Does Spindle depend on Bitcoin? According to the correlation analysis, BTC and SPD have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price movements of both currencies.
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 cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Spindle connection is positively strong, it means that when BTC is growing SPD will grow as well. The negative strong relation will show that when BTC is growing SPD value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Spindle. If we take all the factors affecting the price of SPD 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 news, events or politics.