Does Skrilla Token depend on Bitcoin? Based on the correlation analysis, BTC and SKR* have a very strong positive relationship. The correlation coefficient of their prices is 0.85, which was estimated based on the last 100-days' price fluctuations 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 indicates that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Skrilla Token connection is positively strong, it means that when BTC is rising SKR* will rise as well. The negative strong relation will indicate that when BTC is rising SKR* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Skrilla Token. If we take all the aspects affecting the price of SKR* as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other circumstances, such as media, events or regulations.