Does Steneum Coin depend on Bitcoin? Based on the correlation analysis, BTC and STN have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was estimated based on the previous 100-days' price movements of both currencies.
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 cryptocurrencies are going in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Steneum Coin connection is positively strong, it means that when BTC is growing STN will grow as well. The negative strong relation will indicate that when BTC is growing STN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Steneum Coin. If we take all the factors affecting the price of STN as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other aspects, such as media, technological releases or crypto related laws.