Does Synergy depend on Bitcoin? According to the correlation analysis, BTC and SNRG have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price movements 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 points that the prices of the currencies are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Synergy connection is positively strong, it means that when BTC is growing SNRG will grow as well. The negative strong relation will tell that when BTC is rising SNRG price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Synergy. If we take all the factors affecting the price of SNRG 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 factors, such as news, technological releases or regulations.