Does BitStation depend on Bitcoin? Based on the correlation analysis, BTC and BSTN have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations of both assets.
This coefficient may range 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 assets are moving in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and BitStation connection is positively strong, it means that when BTC is rising BSTN will grow as well. The negative strong relation will point that when BTC is rising BSTN value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitStation. If we take all the things affecting the price of BSTN as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or politics.