Does BitJob depend on Bitcoin? Based on the correlation analysis, BTC and STU have a weak positive relationship. The correlation coefficient of their prices is 0.26, which was computed based on the last 100-days' price fluctuations of both coins.
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 shows that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and BitJob connection is positively strong, it means that when BTC is growing STU will rise as well. The negative strong relation will tell that when BTC is growing STU price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BitJob. If we take all the circumstances affecting the price of STU as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other aspects, such as media, technological releases or crypto related laws.