Does SwftCoin depend on Bitcoin? According to the correlation analysis, BTC and SWFTC have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the currencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and SwftCoin connection is positively strong, it means that when BTC is rising SWFTC will grow as well. The negative strong relation will point that when BTC is rising SWFTC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SwftCoin. If we take all the aspects affecting the price of SWFTC as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other aspects, such as media, technological releases or regulations.