Does Sativa Coin depend on Bitcoin? Based on the correlation analysis, BTC and STV have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was measured based on the previous 100-days' price fluctuations of both assets.
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 coins are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Sativa Coin connection is positively strong, it means that when BTC is rising STV will rise as well. The negative strong relation will indicate that when BTC is rising STV price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Sativa Coin. If we take all the aspects affecting the price of STV as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other aspects, such as media, events or crypto related laws.