Does Basic Attention Token depend on Bitcoin? According to the correlation analysis, BTC and BAT have no or negligible relationship. The correlation coefficient of their prices is -0.05, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may vary 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 cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Basic Attention Token connection is positively strong, it means that when BTC is growing BAT will grow as well. The negative strong relation will tell that when BTC is growing BAT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Basic Attention Token. If we take all the circumstances affecting the price of BAT as 100%, then the share of BTC price among these factors will be 0.25%. The other part which is 99.75% covers all the other aspects, such as news, technological releases or regulations.