Does Self Storage Coin depend on Bitcoin? Based on the correlation analysis, BTC and STOR have no or negligible relationship. The correlation coefficient of their values is -0.08, which was computed 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 tells that the prices of the assets are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Self Storage Coin connection is positively strong, it means that when BTC is growing STOR will grow as well. The negative strong relation will indicate that when BTC is rising STOR value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Self Storage Coin. If we take all the circumstances affecting the price of STOR as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other aspects, such as news, events or regulations.