Does Havven depend on Bitcoin? Based on the correlation analysis, BTC and HAV have a strong positive relationship. The correlation coefficient of their values is 0.55, 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 tells that the prices of the assets are moving in the reversed trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Havven connection is positively strong, it means that when BTC is growing HAV will grow as well. The negative strong relation will indicate that when BTC is rising HAV value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Havven. If we take all the aspects affecting the price of HAV as 100%, then the share of BTC price among these factors will be 30.25%. The other part which is 69.75% covers all the other aspects, such as media, technological releases or politics.