Does Suretly depend on Bitcoin? Based on the correlation analysis, BTC and SUR have no or negligible relationship. The correlation coefficient of their values is -0.08, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may adjust 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 currencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Suretly connection is positively strong, it means that when BTC is growing SUR will grow as well. The negative strong relation will show that when BTC is rising SUR value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Suretly. If we take all the things affecting the price of SUR as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other factors, such as news, events or politics.