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StorjCoin (SJCX)

Correlation

0.28

Influence

7.84%

Bitcoin and StorjCoin Correlation

Does StorjCoin depend on Bitcoin? Based on the correlation analysis, BTC and SJCX have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was calculated based on the previous 100-days' price fluctuations 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 reversed direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and StorjCoin connection is positively strong, it means that when BTC is rising SJCX will rise as well. The negative strong relation will tell that when BTC is rising SJCX value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over StorjCoin. If we take all the things affecting the price of SJCX as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other aspects, such as news, technological releases or politics.