Does Save The Ocean depend on Bitcoin? Based on the correlation analysis, BTC and STO have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was estimated based on the last 100-days' price dynamics 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 points that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Save The Ocean connection is positively strong, it means that when BTC is growing STO will rise as well. The negative strong relation will show that when BTC is growing STO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Save The Ocean. If we take all the things affecting the price of STO as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other things, such as media, technological releases or politics.