Does Hyperstake depend on Bitcoin? According to the correlation analysis, BTC and HYP have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was measured based on the previous 100-days' price fluctuations of both assets.
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 coins are going in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Hyperstake connection is positively strong, it means that when BTC is rising HYP will grow as well. The negative strong relation will point that when BTC is rising HYP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Hyperstake. If we take all the circumstances affecting the price of HYP as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other circumstances, such as news, events or crypto related laws.