Does Hackspace Capital depend on Bitcoin? According to the correlation analysis, BTC and HAC have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Hackspace Capital connection is positively strong, it means that when BTC is rising HAC will rise as well. The negative strong relation will point that when BTC is rising HAC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Hackspace Capital. If we take all the circumstances affecting the price of HAC as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other factors, such as news, events or politics.