Does Insights Network depend on Bitcoin? Based on the correlation analysis, BTC and INSTAR have a strong positive relationship. The correlation coefficient of their prices is 0.63, which was measured based on the last 100-days' price movements of both currencies.
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 shows that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Insights Network connection is positively strong, it means that when BTC is rising INSTAR will grow as well. The negative strong relation will point that when BTC is rising INSTAR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Insights Network. If we take all the factors affecting the price of INSTAR as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other circumstances, such as media, events or regulations.