Does Stakenet depend on Bitcoin? According to the correlation analysis, BTC and XSN have a very strong positive relationship. The correlation coefficient of their prices is 0.81, which was measured based on the last 100-days' price movements 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 shows that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Stakenet connection is positively strong, it means that when BTC is growing XSN will rise as well. The negative strong relation will show that when BTC is growing XSN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Stakenet. If we take all the circumstances affecting the price of XSN as 100%, then the share of BTC price among these factors will be 65.61%. The other part which is 34.39% covers all the other aspects, such as news, events or politics.