Does Skycoin depend on Bitcoin? According to the correlation analysis, BTC and SKY have a moderate positive relationship. The correlation coefficient of their values is 0.35, which was estimated based on the last 100-days' price fluctuations of both assets.
This coefficient may change 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 cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Skycoin connection is positively strong, it means that when BTC is rising SKY will grow as well. The negative strong relation will indicate that when BTC is growing SKY price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Skycoin. If we take all the circumstances affecting the price of SKY as 100%, then the share of BTC price among these factors will be 12.25%. The other part which is 87.75% covers all the other factors, such as news, events or regulations.