Does Klingon Empire Darsek depend on Bitcoin? According to the correlation analysis, BTC and KED have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was calculated based on the previous 100-days' price dynamics 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 currencies are going in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Klingon Empire Darsek connection is positively strong, it means that when BTC is rising KED will grow as well. The negative strong relation will tell that when BTC is rising KED price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Klingon Empire Darsek. If we take all the circumstances affecting the price of KED as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other factors, such as news, technological releases or politics.