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Spreadcoin (SPR)

Correlation

0.90

Influence

81.00%

Bitcoin and Spreadcoin Correlation

Does Spreadcoin depend on Bitcoin? Based on the correlation analysis, BTC and SPR have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was estimated based on the previous 100-days' price dynamics 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 points that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Spreadcoin connection is positively strong, it means that when BTC is rising SPR will grow as well. The negative strong relation will tell that when BTC is rising SPR value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Spreadcoin. If we take all the circumstances affecting the price of SPR as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other aspects, such as news, technological releases or regulations.