Does BaaSid depend on Bitcoin? According to the correlation analysis, BTC and BAAS have a strong positive relationship. The correlation coefficient of their prices is 0.65, which was measured based on the previous 100-days' price dynamics of both assets.
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 coins are going in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and BaaSid connection is positively strong, it means that when BTC is rising BAAS will rise as well. The negative strong relation will show that when BTC is growing BAAS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BaaSid. If we take all the aspects affecting the price of BAAS as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other aspects, such as news, technological releases or politics.