Does Steps depend on Bitcoin? According to the correlation analysis, BTC and STEPS have no relationship. The correlation coefficient of their prices is 0.00, which was estimated based on the previous 100-days' price fluctuations of both coins.
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 cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Steps connection is positively strong, it means that when BTC is rising STEPS will rise as well. The negative strong relation will indicate that when BTC is rising STEPS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Steps. If we take all the factors affecting the price of STEPS as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as media, events or regulations.