Does SkullBuzz depend on Bitcoin? Based on the correlation analysis, BTC and SKB have no or negligible relationship. The correlation coefficient of their prices is -0.06, which was calculated based on the previous 100-days' price movements of both assets.
This coefficient may adjust 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 means that the prices of the currencies are going in the opposite trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and SkullBuzz connection is positively strong, it means that when BTC is growing SKB will rise as well. The negative strong relation will indicate that when BTC is growing SKB price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SkullBuzz. If we take all the things affecting the price of SKB as 100%, then the share of BTC price among these factors will be 0.36%. The other part which is 99.64% covers all the other aspects, such as media, events or regulations.