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Superbloom (SEED)

Correlation

0.91

Influence

82.81%

Bitcoin and Superbloom Correlation

Does Superbloom depend on Bitcoin? Based on the correlation analysis, BTC and SEED have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 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 currencies are going in the contrary trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Superbloom connection is positively strong, it means that when BTC is growing SEED will grow as well. The negative strong relation will tell that when BTC is growing SEED price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Superbloom. If we take all the things affecting the price of SEED 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 media, technological releases or regulations.