Does Scooby coin depend on Bitcoin? Based on the correlation analysis, BTC and SCOOBY have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was calculated based on the previous 100-days' price dynamics of both currencies.
This coefficient may range 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 going in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Scooby coin connection is positively strong, it means that when BTC is rising SCOOBY will grow as well. The negative strong relation will indicate that when BTC is growing SCOOBY price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Scooby coin. If we take all the factors affecting the price of SCOOBY as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, technological releases or politics.