Does SUQA depend on Bitcoin? Based on the correlation analysis, BTC and SUQA have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was measured based on the last 100-days' price fluctuations 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 shows that the prices of the coins are moving in the reversed direction while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and SUQA connection is positively strong, it means that when BTC is rising SUQA will rise as well. The negative strong relation will point that when BTC is rising SUQA value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over SUQA. If we take all the aspects affecting the price of SUQA as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other factors, such as media, events or crypto related laws.