Does Sugar Exchange depend on Bitcoin? Based on the correlation analysis, BTC and SGR have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the last 100-days' price dynamics 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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Sugar Exchange connection is positively strong, it means that when BTC is growing SGR will rise as well. The negative strong relation will indicate that when BTC is growing SGR price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Sugar Exchange. If we take all the things affecting the price of SGR as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, events or regulations.