Does Status Network Token depend on Bitcoin? According to the correlation analysis, BTC and SNT have a very strong positive relationship. The correlation coefficient of their values is 0.81, which was calculated based on the previous 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 points that the prices of the currencies are going in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Status Network Token connection is positively strong, it means that when BTC is growing SNT will grow as well. The negative strong relation will point that when BTC is growing SNT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Status Network Token. If we take all the aspects affecting the price of SNT 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 factors, such as news, events or crypto related laws.