⟷  

Swachhcoin (SCX)

Correlation

0.91

Influence

82.81%

Bitcoin and Swachhcoin Correlation

Does Swachhcoin depend on Bitcoin? According to the correlation analysis, BTC and SCX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 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 points that the prices of the currencies are going in the reversed trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Swachhcoin connection is positively strong, it means that when BTC is growing SCX will rise as well. The negative strong relation will show that when BTC is growing SCX price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Swachhcoin. If we take all the circumstances affecting the price of SCX as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or crypto related laws.