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ScryptToken (SCT)

Correlation

0.03

Influence

0.09%

Bitcoin and ScryptToken Correlation

Does ScryptToken depend on Bitcoin? Based on the correlation analysis, BTC and SCT have no or negligible relationship. The correlation coefficient of their values is 0.03, which was calculated based on the previous 100-days' price dynamics of both assets.

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 points that the prices of the currencies are going in the contrary trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and ScryptToken connection is positively strong, it means that when BTC is growing SCT will grow as well. The negative strong relation will indicate that when BTC is rising SCT value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ScryptToken. If we take all the things affecting the price of SCT as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other aspects, such as media, technological releases or regulations.