Does BattleStake depend on Bitcoin? According to the correlation analysis, BTC and BSTK have no relationship. The correlation coefficient of their prices is -0.00, which was computed 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 means that the prices of the assets are going in the contrary trend while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and BattleStake connection is positively strong, it means that when BTC is growing BSTK will rise as well. The negative strong relation will show that when BTC is rising BSTK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BattleStake. If we take all the factors affecting the price of BSTK as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as news, events or politics.