Does Swiscoin depend on Bitcoin? Based on the correlation analysis, BTC and SCN have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.
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 points that the prices of the assets are going in the contrary trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Swiscoin connection is positively strong, it means that when BTC is growing SCN will rise as well. The negative strong relation will point that when BTC is rising SCN price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Swiscoin. If we take all the circumstances affecting the price of SCN as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as news, events or politics.