Does SysCoin depend on Bitcoin? According to the correlation analysis, BTC and SYS have a moderate positive relationship. The correlation coefficient of their prices is 0.30, which was computed based on the last 100-days' price movements of both currencies.
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 indicates that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and SysCoin connection is positively strong, it means that when BTC is growing SYS will rise as well. The negative strong relation will show that when BTC is rising SYS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SysCoin. If we take all the factors affecting the price of SYS as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other circumstances, such as media, events or crypto related laws.