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Swisscoin (SIC)

Correlation

0.91

Influence

82.81%

Bitcoin and Swisscoin Correlation

Does Swisscoin depend on Bitcoin? According to the correlation analysis, BTC and SIC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations of both cryptocurrencies.

This coefficient may vary 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 assets are moving in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and Swisscoin connection is positively strong, it means that when BTC is growing SIC will rise as well. The negative strong relation will point that when BTC is rising SIC value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Swisscoin. If we take all the circumstances affecting the price of SIC as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, events or crypto related laws.