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Storj (STORJ)

Correlation

0.75

Influence

56.25%

Bitcoin and Storj Correlation

Does Storj depend on Bitcoin? Based on the correlation analysis, BTC and STORJ have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was calculated 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 means that the prices of the currencies are going in the opposite direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Storj connection is positively strong, it means that when BTC is rising STORJ will grow as well. The negative strong relation will tell that when BTC is rising STORJ value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Storj. If we take all the things affecting the price of STORJ as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other circumstances, such as media, technological releases or crypto related laws.