Bitcoin and SSVCoin Correlation

Does SSVCoin depend on Bitcoin? Based on the correlation analysis, BTC and SSV have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.

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 shows that the prices of the coins are going in the reversed direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and SSVCoin connection is positively strong, it means that when BTC is rising SSV will rise as well. The negative strong relation will tell that when BTC is rising SSV price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over SSVCoin. If we take all the circumstances affecting the price of SSV 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, technological releases or regulations.