Does IOS token depend on Bitcoin? According to the correlation analysis, BTC and IOST have a very strong positive relationship. The correlation coefficient of their prices is 0.86, which was calculated based on the last 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 indicates that the prices of the currencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and IOS token connection is positively strong, it means that when BTC is rising IOST will grow as well. The negative strong relation will tell that when BTC is rising IOST price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over IOS token. If we take all the aspects affecting the price of IOST as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other things, such as news, events or regulations.