Does StrongHands depend on Bitcoin? Based on the correlation analysis, BTC and SHND have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was calculated based on the last 100-days' price fluctuations of both assets.
This coefficient may adjust 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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and StrongHands connection is positively strong, it means that when BTC is growing SHND will grow as well. The negative strong relation will tell that when BTC is rising SHND value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over StrongHands. If we take all the aspects affecting the price of SHND as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, events or regulations.