Bitcoin and SuperNET Correlation

Does SuperNET depend on Bitcoin? Based on the correlation analysis, BTC and UNITY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements of both currencies.

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 points that the prices of the assets are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and SuperNET connection is positively strong, it means that when BTC is growing UNITY will rise as well. The negative strong relation will tell that when BTC is growing UNITY value will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SuperNET. If we take all the aspects affecting the price of UNITY 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 things, such as media, events or politics.