Does Supcoin depend on Bitcoin? According to the correlation analysis, BTC and SUP have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and Supcoin connection is positively strong, it means that when BTC is rising SUP will grow as well. The negative strong relation will show that when BTC is growing SUP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Supcoin. If we take all the things affecting the price of SUP 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, technological releases or crypto related laws.