Does Scorecoin depend on Bitcoin? Based on the correlation analysis, BTC and SCORE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price movements of both coins.
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 indicates that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and Scorecoin connection is positively strong, it means that when BTC is rising SCORE will rise as well. The negative strong relation will tell that when BTC is rising SCORE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Scorecoin. If we take all the circumstances affecting the price of SCORE 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 things, such as news, events or crypto related laws.