Does BEAT Token depend on Bitcoin? Based on the correlation analysis, BTC and BEAT have a strong positive relationship. The correlation coefficient of their values is 0.48, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 points that the prices of the coins are moving in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and BEAT Token connection is positively strong, it means that when BTC is growing BEAT will rise as well. The negative strong relation will point that when BTC is growing BEAT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BEAT Token. If we take all the things affecting the price of BEAT as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other circumstances, such as media, events or crypto related laws.