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Super Bitcoin (SBTC)

Correlation

0.43

Influence

18.49%

Bitcoin and Super Bitcoin Correlation

Does Super Bitcoin depend on Bitcoin? According to the correlation analysis, BTC and SBTC have a strong positive relationship. The correlation coefficient of their prices is 0.43, which was estimated based on the previous 100-days' price fluctuations of both assets.

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 cryptocurrencies 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 Super Bitcoin connection is positively strong, it means that when BTC is growing SBTC will rise as well. The negative strong relation will indicate that when BTC is growing SBTC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Super Bitcoin. If we take all the circumstances affecting the price of SBTC as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other things, such as media, technological releases or politics.