Does SunContract depend on Bitcoin? According to the correlation analysis, BTC and SNC have a very strong positive relationship. The correlation coefficient of their values is 0.86, which was measured based on the previous 100-days' price fluctuations of both assets.
This coefficient may vary 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 coins are going in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and SunContract connection is positively strong, it means that when BTC is growing SNC will rise as well. The negative strong relation will point that when BTC is growing SNC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SunContract. If we take all the circumstances affecting the price of SNC as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other aspects, such as news, technological releases or crypto related laws.