Does Simple Token depend on Bitcoin? Based on the correlation analysis, BTC and OST have no or negligible relationship. The correlation coefficient of their prices is 0.04, 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 means that the prices are going in the identical trend. For example, if Bitcoin and Simple Token connection is positively strong, it means that when BTC is growing OST will rise as well. The negative strong relation will tell that when BTC is growing OST value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Simple Token. If we take all the aspects affecting the price of OST as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other factors, such as news, events or regulations.