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Skeincoin (SKC)

Correlation

0.91

Influence

82.81%

Bitcoin and Skeincoin Correlation

Does Skeincoin depend on Bitcoin? Based on the correlation analysis, BTC and SKC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations 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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Skeincoin connection is positively strong, it means that when BTC is rising SKC will rise as well. The negative strong relation will point that when BTC is rising SKC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Skeincoin. If we take all the circumstances affecting the price of SKC 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 circumstances, such as news, events or regulations.