Does Storiqa Token depend on Bitcoin? Based on the correlation analysis, BTC and STQ have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was estimated based on the previous 100-days' price movements 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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Storiqa Token connection is positively strong, it means that when BTC is rising STQ will rise as well. The negative strong relation will tell that when BTC is growing STQ value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Storiqa Token. If we take all the factors affecting the price of STQ as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as news, events or regulations.