Does ICST depend on Bitcoin? According to the correlation analysis, BTC and ICST have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price movements 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 indicates that the prices of the assets are moving in the opposite trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and ICST connection is positively strong, it means that when BTC is growing ICST will grow as well. The negative strong relation will tell that when BTC is rising ICST price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ICST. If we take all the circumstances affecting the price of ICST as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as media, technological releases or crypto related laws.