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Sucre (SUCR)

Correlation

0.91

Influence

82.81%

Bitcoin and Sucre Correlation

Does Sucre depend on Bitcoin? According to the correlation analysis, BTC and SUCR 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 cryptocurrencies.

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 trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Sucre connection is positively strong, it means that when BTC is growing SUCR will grow as well. The negative strong relation will tell that when BTC is rising SUCR value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Sucre. If we take all the factors affecting the price of SUCR 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 aspects, such as news, events or crypto related laws.