Does SwissBorg depend on Bitcoin? Based on the correlation analysis, BTC and CHSB have no or negligible relationship. The correlation coefficient of their values is 0.11, which was estimated based on the last 100-days' price movements 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 tells that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and SwissBorg connection is positively strong, it means that when BTC is rising CHSB will grow as well. The negative strong relation will point that when BTC is rising CHSB value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SwissBorg. If we take all the factors affecting the price of CHSB as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other aspects, such as media, technological releases or crypto related laws.