BlakeStar (BLAS)





Bitcoin and BlakeStar Correlation

Does BlakeStar depend on Bitcoin? According to the correlation analysis, BTC and BLAS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 points that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and BlakeStar connection is positively strong, it means that when BTC is rising BLAS will grow as well. The negative strong relation will indicate that when BTC is growing BLAS value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BlakeStar. If we take all the aspects affecting the price of BLAS 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 factors, such as media, technological releases or crypto related laws.