Does STAC depend on Bitcoin? According to the correlation analysis, BTC and STAC have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was measured based on the previous 100-days' price fluctuations of both currencies.
This coefficient may vary 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 tells that the prices of the coins are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and STAC connection is positively strong, it means that when BTC is growing STAC will grow as well. The negative strong relation will tell that when BTC is rising STAC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over STAC. If we take all the circumstances affecting the price of STAC as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other factors, such as news, technological releases or crypto related laws.