Bitcoin and SKYFchain Correlation

Does SKYFchain depend on Bitcoin? According to the correlation analysis, BTC and SKYFT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price dynamics of both coins.

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 going in the contrary direction while the positive coefficient means that the prices are going in the same trend. For instance, if Bitcoin and SKYFchain connection is positively strong, it means that when BTC is growing SKYFT will grow as well. The negative strong relation will point that when BTC is growing SKYFT value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over SKYFchain. If we take all the things affecting the price of SKYFT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, technological releases or crypto related laws.