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Bitcoin Scrypt (BTCS)

Correlation

0.91

Influence

82.81%

Bitcoin and Bitcoin Scrypt Correlation

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

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 currencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Bitcoin Scrypt connection is positively strong, it means that when BTC is growing BTCS will grow as well. The negative strong relation will indicate that when BTC is rising BTCS value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bitcoin Scrypt. If we take all the factors affecting the price of BTCS 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 media, technological releases or regulations.