Does Sprouts depend on Bitcoin? According to the correlation analysis, BTC and SPRTS 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 coins.
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 shows that the prices of the currencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Sprouts connection is positively strong, it means that when BTC is growing SPRTS will rise as well. The negative strong relation will tell that when BTC is rising SPRTS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sprouts. If we take all the aspects affecting the price of SPRTS 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 news, events or crypto related laws.