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Sudan Gold Coin (SGC)

Correlation

0.08

Influence

0.64%

Bitcoin and Sudan Gold Coin Correlation

Does Sudan Gold Coin depend on Bitcoin? Based on the correlation analysis, BTC and SGC have no or negligible relationship. The correlation coefficient of their prices is 0.08, which was measured based on the previous 100-days' price movements of both cryptocurrencies.

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 indicates that the prices of the coins are going in the opposite trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Sudan Gold Coin connection is positively strong, it means that when BTC is growing SGC will grow as well. The negative strong relation will indicate that when BTC is rising SGC price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Sudan Gold Coin. If we take all the circumstances affecting the price of SGC as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other aspects, such as media, technological releases or politics.