Does SwingCoin depend on Bitcoin? According to the correlation analysis, BTC and SWING have no relationship. The correlation coefficient of their values is 0.00, which was estimated based on the previous 100-days' price movements of both coins.
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 tells that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and SwingCoin connection is positively strong, it means that when BTC is growing SWING will grow as well. The negative strong relation will tell that when BTC is growing SWING value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over SwingCoin. If we take all the aspects affecting the price of SWING as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, technological releases or politics.