Does Kayı depend on Bitcoin? Based on the correlation analysis, BTC and KAYI have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated 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 points that the prices of the currencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Kayı connection is positively strong, it means that when BTC is growing KAYI will rise as well. The negative strong relation will point that when BTC is growing KAYI value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Kayı. If we take all the factors affecting the price of KAYI as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, events or regulations.