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Skraps (SKRP)

Correlation

0.41

Influence

16.81%

Bitcoin and Skraps Correlation

Does Skraps depend on Bitcoin? According to the correlation analysis, BTC and SKRP have a strong positive relationship. The correlation coefficient of their values is 0.41, which was estimated based on the last 100-days' price fluctuations of both assets.

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 indicates that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Skraps connection is positively strong, it means that when BTC is rising SKRP will rise as well. The negative strong relation will point that when BTC is growing SKRP price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Skraps. If we take all the things affecting the price of SKRP as 100%, then the share of BTC price among these factors will be 16.81%. The other part which is 83.19% covers all the other things, such as news, events or politics.