Does Saturn2Coin depend on Bitcoin? According to the correlation analysis, BTC and SAT2 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated 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 cryptocurrencies are going in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and Saturn2Coin connection is positively strong, it means that when BTC is growing SAT2 will rise as well. The negative strong relation will tell that when BTC is growing SAT2 value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Saturn2Coin. If we take all the aspects affecting the price of SAT2 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.