Does Megastake depend on Bitcoin? Based on the correlation analysis, BTC and XMS have a strong positive relationship. The correlation coefficient of their values is 0.60, which was computed based on the last 100-days' price movements of both assets.
This coefficient may adjust 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 assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and Megastake connection is positively strong, it means that when BTC is rising XMS will grow as well. The negative strong relation will tell that when BTC is growing XMS value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Megastake. If we take all the circumstances affecting the price of XMS as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other things, such as media, events or regulations.