Does Skrumble Network depend on Bitcoin? According to the correlation analysis, BTC and SKM have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was calculated based on the previous 100-days' price fluctuations of both currencies.
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 tells that the prices of the currencies are going in the reversed direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Skrumble Network connection is positively strong, it means that when BTC is growing SKM will rise as well. The negative strong relation will show that when BTC is rising SKM price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Skrumble Network. If we take all the aspects affecting the price of SKM as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as news, events or crypto related laws.