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StockChain Coin (SCC)

Correlation

0.62

Influence

38.44%

Bitcoin and StockChain Coin Correlation

Does StockChain Coin depend on Bitcoin? According to the correlation analysis, BTC and SCC have a strong positive relationship. The correlation coefficient of their values is 0.62, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.

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 points that the prices of the currencies are going in the opposite trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and StockChain Coin connection is positively strong, it means that when BTC is growing SCC will grow as well. The negative strong relation will show that when BTC is growing SCC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over StockChain Coin. If we take all the aspects affecting the price of SCC as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other factors, such as media, events or regulations.