Does Substratum Network depend on Bitcoin? According to the correlation analysis, BTC and SUB have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was computed based on the last 100-days' price movements of both assets.
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 assets are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Substratum Network connection is positively strong, it means that when BTC is rising SUB will grow as well. The negative strong relation will tell that when BTC is growing SUB value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Substratum Network. If we take all the aspects affecting the price of SUB 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 things, such as news, events or politics.